Risk Strategies
TypePrivate company[1]
FoundedJuly 28, 1997 (July 28, 1997)
Boston, Massachusetts, US
Founders
  • Mike Christian
Headquarters
Boston, Massachusetts[1]
,
U.S.
Area served
International
Key people
John Mina, CEO[1]
Mike Christian, Executive chairman[1]
ServicesInsurance brokerage and risk management advisor
RevenueIncrease US$1.19 billion (2022)[2]
Number of employees
Increase 4,851
Websitewww.risk-strategies.com

Risk Strategies (officially incorporated as RSC Insurance Brokerage, Inc.) is a private insurance brokerage and risk management advisor. The firm was founded 1997 (26 years ago) in Boston, Massachusetts, by its current chairman, Mike Christian, as a specialty risk management consultancy.[3][4] In 2015, private equity insurance sector investor Kelso & Company acquired Kohlberg & Company's majority stake in Risk Strategies.[5][1] In 2022 it was ranked the 25th fastest-growing private company in Massachusetts.[6][7]

History

Risk Strategies was founded by Mike Christian in 1997 to provide risk management advice to upper middle market commercial clients, with a focus on private equity and healthcare.[1][8] In 2000, it made its first acquisition of Andrew Anthony and Associates. By 2001, the company had 15 employees.

In 2002, Risk Strategies expanded as an insurance brokerage to provide clients with specialized coverages and alternative risk financing programs. By the end of 2006, Risk Strategies was licensed in 48 states.[9]

A minority investment from WR Berkley enabled expansion into the Midwest and California markets as well as new practice areas and market categories.

In 2013, Kohlberg & Company, L.L.C, a private equity firm, acquired a majority interest in Risk Strategies.[10][9] The new investment helped Risk Strategies expand into new markets and products. As of 2013, Risk Strategies had 10 offices, 120 employees, and $40 million in revenue.[9]

With access to investment capital, Risk Strategies pursued acquisitions and hires across specialty industries. In 2014, Risk Strategies made its largest acquisition to date by acquiring, DeWitt Stern, a specialist in the Entertainment, Media, Private Client, and Fine Art insurance sectors.[11][12] With this acquisition, Risk Strategies was considered a Top 35 broker nationally, with nearly $100 million in revenue and almost 400 employees nationwide.[13][14]

In 2015, Kelso & Company acquired Kohlberg & Company's majority stake in Risk Strategies.[15] In 2016, Risk Strategies entered Texas for the first time with the acquisition of A&E specialist Mclaughlin Brunson[16][17] and Florida with Atlass Insurance Brokerage Group.[18][19]

From 2014 to 2016 Risk Strategies made 22 acquisitions, and expanded into Louisiana, Maryland, Ohio, and Pennsylvania.[9]

In 2019, then President John Mina was named chief executive officer[20][21] Mina succeeded Michael Christian, Risk Strategies founder, and long-time CEO, who moved to the Executive chairman role.

As of July 2022, Risk Strategies had acquired 135 companies, and had an annual revenue of $958 million.[22]

On December 1, 2022, Risk Strategies announced the formation of Risk Strategies Consulting. This action merged key acquisitions made by Risk Strategies - including Corporate Benefit Audits (2018), United Health Actuarial Services (2019), Centric Actuarial Solutions (2021), Cambridge Advisory Group (2021), and recently announced Aquarius Capital Solutions (2022) – into a single business unit operating independently from the firm’s brokerage business. At launch, Risk Strategies Consulting offered services around actuarial analysis, healthcare claim auditing, health and welfare, mergers and acquisitions, pharmacy, and retirement benefits.

On February 7, 2023, Danielle Chaplick was announced as Managing Director of the Risk Strategies Consulting business unit. Prior to Risk Strategies Consulting, Chaplick was Vice President and Northeast Regional Director – Public Sector for Gallagher Benefit Services.

In September 2023, Risk Strategies acquired orchestrateHR Inc. and its affiliate, eBen Benefits.[23] In November 2023, Risk Strategies acquired Prince Associates, Inc.[24]

Management

As of July 2023, key people of the company are:[1][25]

  • Mike Christian, founder and chairman
  • John Mina, chief executive officer (CEO)
  • Sharon Edwards, chief financial officer (CFO)
  • John Vaglica, chief mergers and acquisitions officer
  • Natalie Logan, chief legal officer
  • Amanda Mullan, chief human resources officer (CHRO)
  • John Scroope, national director of retail operations

Services

Services of Risk Strategies include:

  • Business Insurance
  • Employee Benefits
  • Private Client Services
  • Risk Management Services
  • Consulting

Acquisitions

Major acquisitions include:

Awards

  • Best Places to Work, each year 2018 to 2022 by Business Insurance Magazine.[44]
  • 16th Largest Broker of US Business by Business Insurance Magazine[45]
  • 9th Largest Privately Owned Broker by Business Insurance Magazine[45]
  • Ranked 2,374 on the Inc. 5000 list in 2021,[46]
  • Ranked 2,872 on the Inc. 5000 list in 2022.[47]

Sponsorships

Sponsorships of the company include Ladies Professional Golf Association (LPGA) golfer Brittany Altomare.[48][49]

Publications

Open access publications of Risk Strategies include:

References

  1. 1 2 3 4 5 6 7 "About Risk Strategies". Risk Strategies. Retrieved August 4, 2022.
  2. ↑ "Risk Strategies grows revenue 25% to $1.19bn in 2022". The Insurer. June 30, 2023.
  3. ↑ "John Mina Reflects On Risk Strategies' Rise From Boston Agency To National Broker". Agency Checklists. April 5, 2022.
  4. ↑ "Risk Strategies Named a 2022 Fast 50 Growth Company by the Boston Business Journal". GlobeNewswire. May 20, 2022.
  5. ↑ Young Ha (October 20, 2015). "Private Equity Firm Kelso to Acquire Majority Stake in Boston's Risk Strategies". Insurance Journal.
  6. ↑ "Research & Rankings: BI Top 100". Business Insurance. July 12, 2021.
  7. ↑ "Risk Strategies Named a 2022 Fast 50 Growth Company by the Boston Business Journal". GlobeNewswire. May 20, 2022.
  8. ↑ "Michael Christian, Risk Strategies Company". Insurance Business America. Retrieved August 4, 2022.
  9. 1 2 3 4 "Annual Report 2019". Risk Strategies.
  10. ↑ "Boston-Based Risk Strategies Co. Sells Majority Stake to Kohlberg & Co". Insurance Journal. June 27, 2013.
  11. 1 2 "Risk Strategies Company and DeWitt Stern Group Announce Merger". GlobeNewswire. October 1, 2014.
  12. 1 2 "Boston-Based Risk Strategies Merges With New York's DeWitt Stern". Agency Checklist. October 3, 2014.
  13. ↑ "Boston's Risk Strategies, New York's DeWitt Stern Merge". Insurance Journal. October 2, 2014.
  14. ↑ Matthew Lerner (October 1, 2014). "Risk Strategies merges with specialty broker DeWitt Stern". Buriness Insurance.
  15. ↑ Young ha (October 20, 2015). "Private Equity Firm Kelso to Acquire Majority Stake in Boston's Risk Strategies". Insurance Journal.
  16. ↑ "Risk Strategies Company Expands Into Texas, Acquires Dallas-Based McLaughlin Brunson". GlobeNewswire. June 20, 2016.
  17. ↑ "Risk Strategies Acquires Dallas-Based McLaughlin Brunson Agency". Insurance Journal. June 21, 2016.
  18. ↑ "Risk Strategies Company Acquires Atlass Insurance Brokerage, Bolsters Private Client Practice, Establishes Florida Footprint". GlobeNewswire. May 31, 2016.
  19. ↑ "Risk Strategies Establishes Florida Footprint With Acquisition of Atlass Insurance". Insurance Journal. June 1, 2016.
  20. ↑ "Risk Strategies Appoints John Mina as CEO". GlobeNewswire. October 8, 2019.
  21. ↑ Luke Gallin (October 8, 2019). "Risk Strategies' Mina named CEO as Christian takes on Executive Chairman role". Reinsurance News.
  22. ↑ "2021 Annual Report". Risk Strategies. Retrieved August 7, 2022.
  23. ↑ "Risk Strategies Acquires orchestrateHR Inc. and Affiliate eBen Benefits". GlobeNewswire News Room. September 20, 2023. Retrieved September 20, 2023.
  24. ↑ "Risk Strategies Acquires Prince Associates, Inc". GlobeNewswire News Room. November 9, 2023. Retrieved November 9, 2023.
  25. ↑ "Risk Strategies Names Chief Human Resources Officer". Risk Strategies. July 12, 2022.
  26. ↑ "Risk Strategies Acquires Krauter & Company". GlobeNewswire. March 12, 2019.
  27. ↑ "Risk Strategies acquires insurance firm Krauter & Company". NS Insurance. March 13, 2019.
  28. ↑ "Risk Strategies Acquires Insurance Subsidiaries of Gowrie Holdings, Inc". GlobeNewswire. December 10, 2019.
  29. ↑ Lyle Adriano (December 13, 2019). "Risk Strategies acquires two subsidiaries of Gowrie Holdings". Insurance Business America.
  30. ↑ "Risk Strategies Company Acquires Dubraski & Associates, Strengthens National Healthcare Practice". GlobeNewswire. June 3, 2015.
  31. ↑ "Risk Strategies buys Dubraski & Associates Insurance Services". NS Insurance. June 4, 2015.
  32. ↑ "Risk Strategies Acquires Academic HealthPlans". GlobeNewswire. January 14, 2020.
  33. ↑ "Risk Strategies acquires student health insurance provider". Captive International. January 16, 2020.
  34. ↑ "Risk Strategies Acquires UNIRISC, Inc". Globenewswire. February 18, 2020.
  35. ↑ "Risk Strategies continues buying spree with UNIRISC acquisition". Life Insurance International. February 19, 2020.
  36. ↑ "Risk Strategies Acquires Pro Safety Services, A Leader in National Safety Management". GLobeNewswire. September 23, 2019.
  37. ↑ Roxanne Libatique (September 25, 2019). "Risk Strategies acquires safety management company". Corporate Risk and Insurance.
  38. ↑ "Risk Strategies Company acquires Brightstone Insurance Services, specialist broker serving same-day transportation and logistics industry". GlobeNewswire. May 24, 2017.
  39. ↑ "Risk Strategies Acquires New Jersey's Corrigan Johnston Risk Advisors". Insurance Journal. October 27, 2021.
  40. ↑ "Risk Strategies Acquires The Gehring Group, Inc". GlobeNewswire. February 9, 2022.
  41. ↑ Raquel Moreno (March 9, 2022). "Risk & Insurance News + Notes: Concentra Ventures Investments, Risk Strategies Acquires Gehring Group and More". Risk & Insurance.
  42. ↑ "Risk Strategies Acquires Thomas McGee Group". GlobeNewswire. November 19, 2019.
  43. ↑ "Risk Strategies continues buying spree with Thomas McGee Group deal". Life Insurance Journal. November 20, 2019.
  44. ↑ 2018: "Risk Strategies Named in Business Insurance's Annual Best Places to Work in Insurance". GlobeNewswire. September 24, 2018.
    2019: "Risk Strategies Named in Business Insurance's Annual Best Places to Work in Insurance". GlobeNewswire. September 16, 2019.
    "Best Places to Work 2019". Business Insurance.
    2020: "Risk Strategies Named in Business Insurance's Annual Best Places to Work in Insurance". GlobeNewswire. September 1, 2020.
    "Best Places to Work 2020". Business Insurance.
    2021: "Risk Strategies Named in Business Insurance's Annual Best Places to Work in Insurance". GlobeNewswire. September 1, 2021.
    "Best Places to Work 2021". Business Insurance.
    2022: "Best Places to Work 2022". Business Insurance.
  45. 1 2 Andy Toh (July 12, 2022). "Research & Rankings: BI Top 100". Business Insurance.
  46. ↑ "Risk Strategies Company". Inc. Retrieved August 7, 2022.
  47. ↑ "Inc. 5000 2022". Retrieved August 28, 2022.
  48. ↑ "Risk Strategies Announces Sponsorship of LPGA Golfer Brittany Altomare". GlobeNewswire. February 17, 2022.
  49. ↑ Ryan Smith (February 18, 2022). "Risk Strategies sponsors LPGA player". Insurance Business America.

Further reading

Risk Strategies 2022 Annual report

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