Risk Strategies buys middle market specialist TriPoint Insurance in latest expansion move
Acquisitive specialty brokerage Risk Strategies said Wednesday it bought Connecticut-based TriPoint Insurance, which provides a variety of products to middle market companies in the construction, manufacturing, wholesale, and skilled nursing verticals.
Terms of the deal were not disclosed.
An innovator in alternative risk transfer strategies for middle market companies, TriPoint pioneered what it calls performance-based insurance (PBI), offering large deductible program structures, captive insurance programs and other innovative performance-based products that combines smarter claims and risk reduction management with traditional and alternative risk financing.
TriPoint is based in Avon, Connecticut, and has a history that stretches back to 1917, when it was established as a general insurance agency.
TriPoint’s expertise will be deployed across the combined company’s National Casualty Practice and all relevant industry and specialty practices.
With its focus on claims management and risk reduction, TriPoint experts will also work closely with the Risk Management Services and Consulting Safety Services groups to bring additional capabilities to existing clients and develop new business, the company said.
“TriPoint is a great match for Risk Strategies,” said Edward Flanagan, Risk Strategies’ New England regional leader, pointing to the companies’ shared culture “that embraces innovation and collaboration”.
“Their unique approach and performance-based insurance programs will be of great value to our clients,” Flanagan said in a statement.
“Becoming part of the Risk Strategies family means we can retain that specialist approach while gaining access to new capabilities and expertise at national scale,” said TriPoint CEO Robert Phelan.
Risk Strategies and its program management arm One80 have both made multiple purchases this year.
It’s the second expansion for Boston-based Risk Strategies in Connecticut this month. Last week, it announced the acquisition of Westbrook-based Pawson Insurance.
The two have also announced several management moves, most recently naming Alison Murphy as private client services practice leader on Monday.