Park Strategies, LLC, the lobbying and consulting firm headed by former U.S. Senator Alfonse M. D'Amato, said it had recently purchased a Troy, N.Y.-based risk management and insurance consulting agency.
Financial terms for the acquisition of The Compass Company Consultants Inc.–also known as The Compass Company Inc.–were not revealed.
"We are expanding our portfolio outside of lobbying," explained Gregory V. Serio, the former New York insurance superintendent who heads the Risk Management Group at Park.
The company is beginning to "morph more into a broad business-to-business strategic planning firm," which is one of the reasons Mr. Serio was attracted to the outfit in 2005, and one of the reasons he was hired, he said.
Compass, owned and operated by Edward W.S. Neff, has been in business for over 40 years and has operated out of Troy and Albany, N.Y. since 1995.
A statement form Park said that Mr. Neff will stay on and "play an integral role in implementing an expansion plan for the company."
"As Park Strategies continues its diversification into a full-service strategic business planning organization, we felt it critical to develop solid risk management capabilities…We are taking a major step in that direction," Mr. D'Amato said.
Mr. Neff said that "Compass is being passed into very capable hands with this transaction. Sen. D'Amato's team at Park Strategies, which has developed a tremendous reputation in the area of strategic business planning, is well-suited to not just assimilate Compass, but to take it to the next level."
The Compass Company, which grew out of an insurance agency formed by Mr. Neff in the mid-1960s, achieved significant growth during the 1990s with the acquisition of the book of business of the Capital Region's Confirm Inc., a risk management and insurance consulting firm operated by James Faughnan.
Compass is an independent, fee-for-service risk consulting organization. It neither places insurance business nor receives any fees or commissions for the placement of insurance from insurance agents or carriers.
Mr. D'Amato explained that his firm was attracted to Compass because "it serves only the client to whom it is providing risk management and insurance strategy advice, and does not try to balance the interest of the client with the interests of insurers or other parties."
On its Web site, Compass says that its clients have included accounting firms,architects, associations, attorneys, contractors, developers, educational institutions, foundations, hospitals, manufacturers, municipal bonding authorities, municipalities, nursing homes, professional corporations, public authorities, retirement communities, state bonding authorities, state agencies and wholesale distributors.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.