View this article online: https://www.insurancejournal.com/news/east/2019/12/11/550810.htm
Risk Strategies, a privately held national insurance brokerage and risk management firm, has acquired the two subsidiaries of Gowrie Holdings Inc. (GHI).
The acquisitions include both Gowrie Group, a full-service national specialty retail insurance brokerage with an established leadership reputation for niche insurance programs, as well as Maritime Program Group (MPG), a marine-focused managing general agent (MGA). Together, Gowrie and MPG are the largest recreational marine insurance specialists in the U.S. Terms of the deal were not disclosed.
Founded by Carter Gowrie in 1974, Gowrie today has more than 80 employees and five offices in the Northeast. The MPG division has more than 60 employees deployed across six offices in the Eastern U.S.
In 2016, Risk Strategies acquired Ft. Lauderdale-based marine insurance specialist, Atlass Insurance, and its wholesale group, Atlass Special Risk. As with that acquisition, the purchase of Gowrie Group will add to the capabilities of Risk Strategies’ national private client practice, while MPG will bring scale and specialty capabilities as the firm builds up the offerings of its wholesale and program underwriting operations, One80 Intermediaries.
Gowrie Group’s retail insurance brokerage offers customized protections, including several exclusive product and program offerings for marine risks and sailing organizations. This specialized approach is carried over to other offerings for equine risks, non-profits and public safety organizations. Gowrie also offers customized placements for high net worth families and individuals. Gowrie Group also has a specialty employee benefits practice, within which it often supports the particular needs of its marine-focused and private client practices.
Maritime Program Group offers a complete suite of recreational, inland and commercial ocean marine solutions, as well as private client personal lines to a network of more than 2,000 brokers across the U.S. MPG has a full complement of in-house underwriting programs with domestic carriers, as well as through Lloyds of London as an appointed coverholder.
Source: Risk Strategies