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Insurance Industry News from ProgramBusiness.comNew Acquisition
U.S. Risk Insurance Group, Inc., the seventh largest managing general agency and surplus lines wholesaler in the nation, announced that it has expanded into New England by acquiring ProgramBusiness.com Storefront Owner Boston Insurance Brokerage, Inc. in Boston.
Boston Insurance Brokerage is a wholesale property and casualty broker with a production base of more than 800 producers in New England and estimated premiums of $40 million. The company has five divisions – Property, Casualty, Healthcare, Workers’ Compensation and Executive & Professional Liability.
"Boston Insurance Brokerage is a strong and well-respected New England brokerage that offers similar specialty divisions to those of U.S. Risk,” said Randall Goss, chairman and CEO of U.S. Risk Insurance Group. "We’re excited about the opportunity that this acquisition provides us to expand our footprint in New England. Acquisitions remain a key component of the U.S. Risk growth strategy.”
Boston Insurance Brokerage will become a subsidiary of U.S. Risk Brokers, the division of U.S. Risk that offers wholesale excess and surplus lines. Its product portfolio includes all forms of property, casualty, automobile, umbrella, professional and risk management products and services. In addition, the company specializes in healthcare liability, contractors, liquor liability, habitational, oil and gas, professional liability, aviation, product liability and financial services coverages.
“We are delighted to be joining U.S. Risk. Boston Insurance Brokerage will gain access to greater resources and additional insurance markets,” said Gordon Bewick, president of Boston Insurance Brokerage. “We look forward to delivering these expanded resources to our agents and brokers throughout the New England region.”
Bewick and his staff will stay on at Boston Insurance Brokerage, retaining that trade name for a least a year. Financial terms of the acquisition were not disclosed.
U. S. Risk Insurance Group is a specialty lines underwriting manager and wholesale broker located in Dallas, Tex. Operating twelve domestic and international branches, it offers a broad range of products and services through its affiliates. Another storefront owner Lighthouse Underwriters is also a member of the US Risk Brokers family.
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