National specialty insurance brokerage and risk management firm, Risk Strategies, acquired property/casualty actuarial consulting firm Centric Actuarial Solutions LLC, based in Overland Park, Kansas.
Terms of the deal were not announced.
Centric helps clients in a wide variety of industries understand and assess their cost of risk. It has a specialty focus on organizations employing alternative risk programs and approaches, including captives and risk retention groups.
Founded in 2005 by Dustin Gary, Centric’s expertise is grounded in the firm’s hands-on experience in personal and commercial insurance, reinsurance, and the brokerage industry. Centric clients include governmental entities, retail and restaurant businesses, self-insured organizations including corporations and trusts, healthcare organizations, regional insurance companies and private equity firms, among others.
Service capabilities range from evaluation of liabilities, reinsurance and retention analysis, and benchmarking of expenses, losses and other claim statistics to providing potential captives or risk retention groups with loss forecasts prior to formation, as well as performing loss reserve studies and providing reserve opinions once an entity has started writing business.
Centric assists insurers with market research, competitive analysis, and reinsurance program design, and its team also works in partnership with accounting firms performing audits, examining premium and loss reserves to assure that liabilities have been established using generally accepted actuarial principles.
Centric applies its analytical expertise across a range of risk and liability products and issues: from traditional lines of insurance including workers’ compensation, auto, and general liability, to specialty areas such as medical malpractice, construction defects, and warranty coverage, among many others.
Working with private equity groups, Centric’s experts provide insight during the due diligence phase for mergers and acquisitions, delivering liabilities evaluations critical in determining the value of insurance companies and other organizations that retain significant loss reserves.
This acquisition of Centric marks Boston-based Risk Strategies’ second actuarial services firm buy, following the 2019 purchase of employee benefits analysis specialist United Health Actuarial Services.
Source: Risk Strategies
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