Dallas-based managing general agency and surplus lines wholesaler U.S. Risk Insurance Group Inc. said it has expanded into New England with the acquisition of Boston Insurance Brokerage Inc. Terms of the deal were not released.
According to the announcement, Boston Insurance Brokerage, headquartered in Boston, is a wholesale property-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, health care, workers' compensation, and executive and 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 chief executive officer of U.S. Risk Insurance Group.
He said the purchase allows the company "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. U.S. Risk Brokers operates 12 domestic and international branches, and offers a broad range of products and services through its affiliate companies.
Gordon Bewick, president of Boston Insurance Brokerage, and his staff will stay on at Boston Insurance Brokerage, retaining that trade name for a least a year, U.S. Risk said.
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