Atlanta-based wholesale insurance brokerage Swett & Crawford Group Inc. announced today that it has acquired Risk Reducers, LLC, a wholesale insurance brokerage specializing in workers' compensation. Financial terms were not disclosed.
The company said that Little Rock, Ark.-based Risk Reducers also writes specialized property and casualty insurance for the transportation, manufacturing and contractor segments in the Midwest and Southeast, and also deals in commercial auto and occupational accident insurance products.
J. Neal Abernathy, president and chief executive officer of Swett & Crawford, said Risk Reducers' industry reputation is "outstanding" and his company believes it will be a good fit.
"Since 1993, Risk Reducers has built strong relationships with carriers and retail agents, and we believe we can help expand on those relationships and accelerate growth," he added.
M. Keith Kimbro, CEO and co-founder of Risk Reducers, called Swett & Crawford an "outstanding partner" for Risk Reducers.
He added that Swett's national network of retail agents and "high-quality employee base of brokers and underwriters will give us the distribution we need to further develop our workers' compensation platform."
Mr. Kimbro said further that "Swett's broad carrier relationships and product offerings will enable Risk Reducers to instantly provide more options to our existing agent base without compromising our service."
Kyle Chapman, Swett & Crawford business development director, said the acquisition is "consistent with our strategy to bring more product offerings to our existing clients.
"With Risk Reducers, we have ramped up our presence in the workers' compensation field, and we will leverage its service-oriented culture to provide workers' compensation insurance products more effectively on a national basis."
The transaction was completed on Dec. 31, 2007. Risk Reducers will operate as "Risk Reducers, a division of Swett & Crawford."
© 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.