Millbrae, Calif.-based UPA Insurance Brokers has been acquired by Risk Strategies Co., a national insurance brokerage and risk management firm headquartered in Boston.
The acquisition was announced on Wednesday. Terms of the deal, which closed on December 31, were not disclosed.
UPA is an independent insurance agency specializing in commercial real estate, home owners’ associations, financial services, non-profits, and hospitality industries in Northern California.
The transaction is RSC’s third in the past year and its second recent acquisition in the real estate and homeowners’ association sector. Last month, RSC acquired Needham, Mass.-based Global Insurance Network. Last year, RSC merged with Cohn-Reid-O’Neill Insurance Services Inc. in San Mateo, Calif. The UPA staff will soon be co-located in RSC’s San Mateo office, bolstering RSC’s Bay Area operations.
As part of the transaction, UPA principals John Uhl and Chris Palmer will join RSC and to help grow RSC’s real estate, homeowners, non-profit and financial services practices. They will join the management team in RSC’s Bay Area office. The rest of the UPA staff will become RSC employees.
“The UPA acquisition, combined with the resources within our existing real estate practice and the recent acquisition of Global Insurance Network, allows Risk Strategies Company to quickly build a significant national real estate/condo insurance practice, while further strengthening our client services capabilities here in the Bay Area,” John O’Neill, executive vice president of RSC’s Bay Area operations said in a statement.
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