Risk Strategies Explained

Type:Private company
Foundation:
Boston, Massachusetts, US
Location City:Boston, Massachusetts
Area Served:International
Key People:John Mina, CEO
Mike Christian, Executive chairman
Services:Insurance brokerage and risk management advisor
Revenue: [1]
Num Employees: 4,851
Location Country:U.S.

Risk Strategies (officially incorporated as RSC Insurance Brokerage, Inc.) is a private insurance brokerage and risk management advisor. The firm was founded 1997 in Boston, Massachusetts, by its current chairman, Mike Christian, as a specialty risk management consultancy.[2] [3] In 2015, private equity insurance sector investor Kelso & Company acquired Kohlberg & Company's majority stake in Risk Strategies.[4] [5] In 2022 it was ranked the 25th fastest-growing private company in Massachusetts.[6] [7]

History

Risk Strategies was founded by Mike Christian in 1997 to provide risk management advice to upper middle market commercial clients, with a focus on private equity and healthcare.[5] [8] In 2000, it made its first acquisition of Andrew Anthony and Associates. By 2001, the company had 15 employees.

In 2002, Risk Strategies expanded as an insurance brokerage to provide clients with specialized coverages and alternative risk financing programs. By the end of 2006, Risk Strategies was licensed in 48 states.[9]

A minority investment from WR Berkley enabled expansion into the Midwest and California markets as well as new practice areas and market categories.

In 2013, Kohlberg & Company, L.L.C, a private equity firm, acquired a majority interest in Risk Strategies.[10] [9] The new investment helped Risk Strategies expand into new markets and products. As of 2013, Risk Strategies had 10 offices, 120 employees, and $40 million in revenue.[9]

With access to investment capital, Risk Strategies pursued acquisitions and hires across specialty industries. In 2014, Risk Strategies made its largest acquisition to date by acquiring, DeWitt Stern, a specialist in the Entertainment, Media, Private Client, and Fine Art insurance sectors. With this acquisition, Risk Strategies was considered a Top 35 broker nationally, with nearly $100 million in revenue and almost 400 employees nationwide.[11] [12]

In 2015, Kelso & Company acquired Kohlberg & Company's majority stake in Risk Strategies.[13] In 2016, Risk Strategies entered Texas for the first time with the acquisition of A&E specialist Mclaughlin Brunson[14] [15] and Florida with Atlass Insurance Brokerage Group.[16] [17]

From 2014 to 2016 Risk Strategies made 22 acquisitions, and expanded into Louisiana, Maryland, Ohio, and Pennsylvania.[9]

In 2019, then President John Mina was named chief executive officer[18] [19] Mina succeeded Michael Christian, Risk Strategies founder, and long-time CEO, who moved to the Executive chairman role.

In 2019, One80 Intermediaries, a wholesale brokerage was formed.

On December 1, 2022, Risk Strategies announced the formation of Risk Strategies Consulting. This action merged key acquisitions made by Risk Strategies - including Corporate Benefit Audits (2018), United Health Actuarial Services (2019), Centric Actuarial Solutions (2021), Cambridge Advisory Group (2021), and recently announced Aquarius Capital Solutions (2022) – into a single business unit operating independently from the firm’s brokerage business. At launch, Risk Strategies Consulting offered services around actuarial analysis, healthcare claim auditing, health and welfare, mergers and acquisitions, pharmacy, and retirement benefits.

In October 2023, Accession Risk Management Group was announced as the parent brand of Risk Strategies and One80 Intermediaries.

Management

As of July 2023, key people of the company are:[5] [20]

Services

Services of Risk Strategies include:

Acquisitions

Major acquisitions include:

Awards

Publications

Open access publications of Risk Strategies include:

Further reading

Risk Strategies 2022 Annual report

Notes and References

  1. Web site: Risk Strategies grows revenue 25% to $1.19bn in 2022. The Insurer. 2023-06-30.
  2. Web site: John Mina Reflects On Risk Strategies' Rise From Boston Agency To National Broker. April 5, 2022. Agency Checklists.
  3. Risk Strategies Named a 2022 Fast 50 Growth Company by the Boston Business Journal. May 20, 2022. GlobeNewswire.
  4. Web site: Private Equity Firm Kelso to Acquire Majority Stake in Boston's Risk Strategies. October 20, 2015. Insurance Journal. Young Ha.
  5. Web site: About Risk Strategies. Risk Strategies. 2022-08-04.
  6. Web site: Research & Rankings: BI Top 100. Business Insurance. July 12, 2021.
  7. Risk Strategies Named a 2022 Fast 50 Growth Company by the Boston Business Journal. May 20, 2022. GlobeNewswire.
  8. Web site: Michael Christian, Risk Strategies Company. Insurance Business America. 2022-08-04.
  9. Web site: Annual Report 2019. Risk Strategies.
  10. Web site: Boston-Based Risk Strategies Co. Sells Majority Stake to Kohlberg & Co.. June 27, 2013. Insurance Journal.
  11. Web site: Boston's Risk Strategies, New York's DeWitt Stern Merge. October 2, 2014. Insurance Journal.
  12. Web site: Risk Strategies merges with specialty broker DeWitt Stern. October 1, 2014. Matthew Lerner. Buriness Insurance.
  13. Web site: Private Equity Firm Kelso to Acquire Majority Stake in Boston's Risk Strategies. October 20, 2015. Insurance Journal. Young ha.
  14. Risk Strategies Company Expands Into Texas, Acquires Dallas-Based McLaughlin Brunson. June 20, 2016. GlobeNewswire.
  15. Web site: Risk Strategies Acquires Dallas-Based McLaughlin Brunson Agency. June 21, 2016. Insurance Journal.
  16. Risk Strategies Company Acquires Atlass Insurance Brokerage, Bolsters Private Client Practice, Establishes Florida Footprint. May 31, 2016. GlobeNewswire.
  17. Web site: Risk Strategies Establishes Florida Footprint With Acquisition of Atlass Insurance. June 1, 2016. Insurance Journal.
  18. Risk Strategies Appoints John Mina as CEO. October 8, 2019. GlobeNewswire.
  19. Web site: Risk Strategies' Mina named CEO as Christian takes on Executive Chairman role. October 8, 2019. Reinsurance News. Luke Gallin.
  20. Web site: Risk Strategies Names Chief Human Resources Officer. July 12, 2022. Risk Strategies.
  21. Risk Strategies Acquires Krauter & Company. March 12, 2019. GlobeNewswire.
  22. Web site: Risk Strategies acquires insurance firm Krauter & Company. March 13, 2019. NS Insurance.
  23. Risk Strategies Acquires Insurance Subsidiaries of Gowrie Holdings, Inc.. December 10, 2019. GlobeNewswire.
  24. Web site: Risk Strategies acquires two subsidiaries of Gowrie Holdings. December 13, 2019. Insurance Business America. Lyle Adriano.
  25. Risk Strategies Company and DeWitt Stern Group Announce Merger. October 1, 2014. GlobeNewswire.
  26. Web site: Boston-Based Risk Strategies Merges With New York's DeWitt Stern. October 3, 2014. Agency Checklist.
  27. Risk Strategies Company Acquires Dubraski & Associates, Strengthens National Healthcare Practice. June 3, 2015. GlobeNewswire.
  28. Web site: Risk Strategies buys Dubraski & Associates Insurance Services. June 4, 2015. NS Insurance.
  29. Risk Strategies Acquires Academic HealthPlans. January 14, 2020. GlobeNewswire.
  30. Web site: Risk Strategies acquires student health insurance provider. January 16, 2020. Captive International.
  31. Risk Strategies Acquires UNIRISC, Inc.. February 18, 2020. Globenewswire.
  32. Web site: Risk Strategies continues buying spree with UNIRISC acquisition. February 19, 2020. Life Insurance International.
  33. Risk Strategies Acquires Pro Safety Services, A Leader in National Safety Management. September 23, 2019. GLobeNewswire.
  34. Web site: Risk Strategies acquires safety management company. September 25, 2019. Corporate Risk and Insurance. Roxanne Libatique.
  35. Risk Strategies Company acquires Brightstone Insurance Services, specialist broker serving same-day transportation and logistics industry. May 24, 2017. GlobeNewswire.
  36. Web site: Risk Strategies Acquires New Jersey's Corrigan Johnston Risk Advisors. October 27, 2021. Insurance Journal.
  37. Risk Strategies Acquires The Gehring Group, Inc.. February 9, 2022. GlobeNewswire.
  38. Web site: Risk & Insurance News + Notes: Concentra Ventures Investments, Risk Strategies Acquires Gehring Group and More. March 9, 2022. Risk & Insurance. Raquel Moreno.
  39. Risk Strategies Acquires Thomas McGee Group. November 19, 2019. GlobeNewswire.
  40. Web site: Risk Strategies continues buying spree with Thomas McGee Group deal. November 20, 2019. Life Insurance Journal.
  41. Web site: Willard . Jack . 2024-03-19 . Risk Strategies acquires NA operations of H.W. International B.V. - Reinsurance News . 2024-03-19 . ReinsuranceNe.ws . en.
  42. 2018: Risk Strategies Named in Business Insurance's Annual Best Places to Work in Insurance. September 24, 2018. GlobeNewswire.
    2019: Risk Strategies Named in Business Insurance's Annual Best Places to Work in Insurance. September 16, 2019. GlobeNewswire.
    Web site: Best Places to Work 2019. Business Insurance.
    2020: Risk Strategies Named in Business Insurance's Annual Best Places to Work in Insurance. September 1, 2020. GlobeNewswire.
    Web site: Best Places to Work 2020. Business Insurance.
    2021: Risk Strategies Named in Business Insurance's Annual Best Places to Work in Insurance. September 1, 2021. GlobeNewswire.
    Web site: Best Places to Work 2021. Business Insurance.
    2022: Web site: Best Places to Work 2022. Business Insurance.
  43. Web site: Research & Rankings: BI Top 100. July 12, 2022. Business Insurance. Andy Toh.
  44. Web site: Risk Strategies Company. 2022-08-07. Inc..
  45. Web site: Inc. 5000 2022. 2022-08-28.

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