CMS LLC, an insurance wholesaler based in Melville, New York, announced that it has acquired Diversified Professional Risk Managers in Rockville Centre, New York. Terms of the transaction were not disclosed.
Established in 2013, Diversified Professional Risk Managers is a wholesaler and risk management firm with specialties in directors & officers liability, employment practices liability, fiduciary liability, fidelity, cyber liability and errors & omissions.
Diversified Professional Risk Managers’ current Rockville Centre office will close. The firm’s five staff members will join CMS and relocate to CMS’s Melville office as part of the transaction.
Founded in 1996, CMS is a full service insurance wholesaler providing property/casualty products to a broad array of commercial and personal lines agency clients in 37 states. Based in Melville, CMS has additional offices in New York City and Weston, Florida.
CMS said that with this acquisition, it is diversifying its product lines to include management and professional liability.
CMS is also creating a new division, called CMS Management Solutions, that will focus on brokerage, consulting and risk management services for commercial, financial and health care industries.
Diversified Professional Risk Managers Principal Keith Basile will become managing director at CMS and lead the new division.
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