Specialty lines underwriting manager and wholesale broker U.S. Risk Insurance Group Inc. has taken over Florida-located Unisource Program Administrators, a wholesaler of workers’ compensation, for an undisclosed sum.
The deal will enable the Dallas-based U.S. Risk to double its workers’ compensation written premium and to add four A-rated national carriers to its markets line-up, the company said in a statement.
The takeover is also expected to enable U.S. Risk to offer monoline workers’ compensation on a national scale.
According to CEO Randall Goss, the transaction is a “strategic acquisition to enhance our product offerings and expand the production footprint.”
The specialty workers’ compensation office in Sarasota will continue to operate as Unisource Program Administrators. U.S. Risk will gain the ability to offer additional workers’ compensation markets to its network of 4,000 retail producers.
Unisource’s existing distribution network of 1,900 retail producers will be able to access to the U.S. Risk product portfolio which offers all forms of property, casualty, automobile, umbrella, professional, and risk management products and services.
“Unisource has been seeking this kind of opportunity to better serve our agents by adding other lines of insurance and to continue expanding our workers’ compensation footprint,” said Karen Bolinder, vice president of Operations at Unisource Program Administrators.