Risk Strategies, a Boston, Mass.-headquartered, privately held national insurance brokerage and risk management firm, has acquired Oxford Risk Management Group, a Sparks, Md.-based provider of alternative risk and captive insurance and consulting. Terms of the deal were not disclosed.
Established in 2010, Oxford Risk Management Group specializes in conducting captive feasibility analysis, coordination and management of turn-key captive insurance company arrangements, both domestically and internationally. The company is led by its founding principals, Michael DiMayo and Kevin Myers.
A captive is an insurance company owned by a non-insurance organization or group of organizations and insures the risks of that organization(s), providing specialized coverage risk financing alternatives that are not commonly available through traditional carrier policy offerings. Risks managed through captive structures can run from property and casualty and employee benefits programs to specialized enterprise risks.
Creating and managing captive structures goes back to the earliest days of Risk Strategies, which started primarily as a risk management consultancy to help organizations identify, understand and manage their business risks, Mike Christian, Founder and CEO, stated in a Risk Strategies press release.
Christian added that bringing on the team at Oxford will provide a resource for alternative and enterprise risk management for existing and prospective clients across Risk Strategies’ specialized practices.
Becoming part of Risk Strategies will assist Oxford Companies in extending the reach of its operations, DiMayo added in the press release.
Following the acquisition, the Oxford brand and team will continue operating as usual with the company’s expertise continuing to be available to its referral channels as it becomes a resource for Risk Strategies’ clients as well.
Risk Strategies offers risk management advice as well as insurance and reinsurance placement for property and casualty, healthcare and employee benefits risks. It serves commercial companies, non-profits, public entities and individuals.
Source: Risk Strategies
Was this article valuable?
Here are more articles you may enjoy.