Business Moves

October 20, 2014

Risk Strategies, DeWitt Stern, Crow Friedman

Risk Strategies Co., an insurance brokerage and risk management firm based in Boston, and DeWitt Stern, a brokerage and risk advisory firm based in New York City, announced their merger.

The combined organization will be called Risk Strategies Co. and have nearly $100 million in revenues and almost 400 employees nationwide. DeWitt Stern will become a division of Risk Strategies and will be referred to as “DeWitt Stern a Risk Strategies Co.” The existing management teams of both firms will remain in place. Risk Strategies and DeWitt Stern will continue to operate as they have been, and day-to-day roles will not change.

Jolyon F. Stern will remain as chairman of DeWitt Stern, and will be appointed vice chairman of the board of Risk Strategies, joining Risk Strategies’ CEO Michael Christian and Risk Strategies Executive Chairman Roger Egan. Further terms of the deal were not disclosed.

Founded in 1899, DeWitt Stern is an insurance brokerage and risk advisory firm, specializing in business, personal, fine art, entertainment and media, employee benefits and executive liability insurance. DeWitt Stern provides insurance coverages for feature films, TV commercial productions, Broadway shows and cultural institutions.

In a separate deal, Risk Strategies Co. announced it also acquired Crow Friedman Group, a professional liability brokerage in Memphis, Tenn.

Founded in 1996, Crow Friedman Group provides insurance for architectural, engineering and surveying firms including workers’ compensation, commercial automobile, general liability, and group life and health employee benefits. Crow Friedman Group has offices in Memphis and Nashville, Tennessee; Birmingham, Alabama; and Lawrenceville, Georgia. John Crow and Don Friedman, the founders of Crow Friedman Group, and their staff will remain with the firm and do business as Crow Friedman Group, a Risk Strategies Co.

Founded in 1997, Risk Strategies is a brokerage with more than 260 employees and 12 offices. The firm specializes in property/casualty and employee benefits, with several client specialty areas including higher education, real estate, environmental, professional liability, private equity, construction and healthcare. Kohlberg & Co., a Mount Kisco, N.Y.-based private equity firm, has been Risk Strategies’ majority stakeholder since June 2013.

NSM Insurance Group, Specialty Aviation Underwriters

NSM Insurance Group has acquired Specialty Aviation Underwriters (SAU), located in Addison, Texas. Founded over 20 years ago, SAU specializes in aviation products.

NSM Insurance Group underwrites more than 20 admitted and non-admitted insurance programs nationally in specific niche markets including architects and engineers, collector cars, coastal condominium associations, social service, hospitality, professional liability for lawyers and dentists, construction and workers’ compensation.

The group has nine offices across the country in New Jersey, Pennsylvania, Illinois, Texas, Arizona and California.

Hub International, FieldEddy

Chicago-based global insurance broker Hub International Limited has acquired the assets of FieldEddy, a property/casualty, personal lines and employee benefits brokerage with four locations in and around Springfield, Mass. Terms of the acquisition were not disclosed.

FieldEddy has two divisions – Field Eddy Inc. and Your Choice Insurance Agency Inc. — that serve the Central and Western Massachusetts area. Hub International said FieldEddy’s operations will become part of Hub New England. With the FieldEddy acquisition, Hub New England now has 22 offices and almost 500 employees throughout Massachusetts, New Hampshire and Rhode Island.

Hub International said FieldEddy’s strengths in the education, healthcare and energy industries, including oil and gas, would complement Hub New England’s expertise.

FieldEddy’s CEO Samuel Hanmer and President Timm Marini will both join Hub New England’s executive leadership team. Within the region, Hanmer will focus on identifying potential M&A candidates and strategic growth initiatives, while Marini will coordinate sales strategies. They will both report to Charles Brophy, president and CEO of Hub New England.

JLT, Alliant

JLT Specialty Insurance Services Inc., the U.S. subsidiary of Jardine Lloyd Thompson Group plc, and Newport Beach, Calif.-based Alliant Insurance Services announced that JLT USA will be purchasing part of Alliant’s energy business.

The portion of business being purchased focuses on larger and more complex major and international accounts.

Jardine Lloyd Thompson is a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. Alliant provides P/C, workers’ comp, employee benefits, surety and financial products and services.

Topics Alliant

Was this article valuable?

Here are more articles you may enjoy.

From This Issue

Insurance Journal

Insurance Journal Magazine