Global insurance broker, Willis Group Holdings, has acquired the assets of sports and entertainment insurance brokerage firm, Special Risk Advisors International LLC of Marietta, Ga. Terms of the transaction were not disclosed.
According to Willis, Special Risk Advisors—founded in 1998—has developed significant relationships with teams and companies in both the sports and entertainment industries. The firm helps manage the risks associated with contracts within the athletic and entertainment arena. Special Risk Advisors also works with companies involved in the management of events and promotions, assisting them with event cancellation and prize indemnity insurance.
As part of the transaction, Michael Wright, president of Special Risk Advisors, will become practice group leader for Willis’ Sports and Entertainment Practice.
“Michael Wright has shown tremendous leadership and entrepreneurialism in building Special Risk Advisors into a formidable company in the sports and entertainment industries.” said Joe Plumeri, Chairman and CEO of Willis. “Blending its industry knowledge with a creative approach to risk management, Special Risk Advisors is able to meet its clients’ unique insurance needs with an eye on budget concerns.
“This acquisition is consistent with our growth strategy of building our presence in key targeted industries and reflects the Willis model of combining access to global resources with industry expertise and close client relationships,” continued Plumeri.
Joining Plumeri in making the announcement, Michael Wright added, “As a global insurance broker promoting entrepreneurialism and exhibiting a passion for client service, Willis is a unique company in the current insurance landscape. By joining Willis, we bring their access to global markets and strong practice groups directly to our clients. We are excited at the prospects that lie ahead.”