BOSTON, June 04, 2018 (GLOBE NEWSWIRE) — Risk Strategies, a privately held, rapidly growing national insurance brokerage and risk management firm, today announced the acquisition of Cincinnati Intermediaries LLC, a specialty wholesale brokerage and managing general underwriter (MGU) focused on risk management and insurance for management and professional liability. Terms of the deal were not disclosed.
Founded in 1987, the company’s wholesale operation does business as Cincinnati Intermediaries, and its MGU operates under the name ALTRU. Owned and managed by brothers John and Richard Bolan, the company works with retail agencies and select wholesale brokerages.
“When looking for a partner to help build our business, we sought an organization that understood the value of specialization,” said John Bolan, managing member of Cincinnati Intermediaries. “As a specialty brokerage with a national reputation for technical expertise, we felt that Risk Strategies appreciated our deep focus on professional liability and saw opportunities to expand our scope through their extensive network.”
Cincinnati Intermediaries places insurance on a wholesale basis with nearly 50 insurance carriers. Risk Strategies has previously added specialized wholesale and MGU capabilities through its acquisition of Advanced Insurance Underwriters and Atlass Marine Insurance, both based in South Florida.
The majority of Cincinnati Intermediaries’ customers are located in the Midwest and the South, though California, Massachusetts and Texas are also well-represented in its book of business.
“Broad access is critical to ensuring that clients get the right coverage they need for specific risk scenarios,” explained John Mina, president of Risk Strategies. “Cincinnati Intermediaries’ 30-year history as a wholesaler and MGU has established strong relationships with key carriers and underwriters in management and professional liability. These relationships and CI’s expertise will enhance Risk Strategies’ value to our clients nationally.”
In addition to enhancing and broadening Risk Strategies’ carrier relationships with several existing trading partners, the acquisition of Cincinnati Intermediaries brings added distribution in areas such as errors & omissions, directors & officers, cyber, architects & engineers, financial institutions, lawyers and non-profits. The acquisition also provides a national solution for the placement of private company and non-profit D&O, E&O and other professional lines.
To learn more about Risk Strategies’ professional liability practice, click here.
About Risk Strategies
Risk Strategies is a privately held, national firm with offices across the country. As a leading U.S. insurance broker, the company offers sophisticated risk management advice as well as insurance and reinsurance placement for property & casualty, healthcare and employee benefits risks. Risk Strategies serves commercial companies, non-profits, public entities and individuals, and has access to all major insurance markets. Ranked among the top 20 brokers in the country, Risk Strategies has offices in more than 50 locations nationwide including Boston, New York City, Chicago, Miami, Atlanta, Dallas, Nashville, Los Angeles and San Francisco.