The acquisition of Thomas McGee Group is expected to bring captive programme expertise, commercial and personal lines, employee benefits services to Risk Strategies
Image: Risk Strategies acquires Missouri-based brokerage firm. Photo: Courtesy of Tumisu/Pixabay.
US-based insurance brokerage firm Risk Strategies has acquired Thomas McGee Group (TMG), a Missouri-based brokerage firm, for an undisclosed sum.
Based in Kansas City, TMG has been involved in the insurance business for more than 100 years. It is engaged in providing commercial insurance, surety, employee benefits, personal insurance, and third-party claims administration.
TMG also provides large accounts, group and single-parent captives and focused risk management services.
Risk Strategies CEO John Mina said: “In a very active acquisition market, we remained focused on bringing on board only those firms with a culture and expertise focus that will advance our goal of becoming a best-in-class speciality brokerage.
“We saw in Thomas McGee Group’s long history, loyal client base and expertise, particularly in alternative risk structures, a direct fit with our direction and philosophy.”
TMG offers loss adjustment services such as claims management processes
TMG is claimed to have been in the alternative risk transfer space in the 1980s. The firm has also formed and manages self-insured pools as well as placements for excess programmes, loss portfolio transfer programmes, claim reserve analysis, programmes for individual clients and other alternative risk financing and management strategies.
Serving as a third-party administrator (TPA), TMG offers loss adjustment services such as claims management processes and loss control and safety programmes for self-insured customers, across a variety of market segments, including hospitals, colleges, school districts and municipalities.
The company’s in-house safety and loss control capabilities help its clients by identifying and mitigating risks that could affect their people, operations and property and liability risks.
TMG managing partner Doug Joyce said: “With over 100 years of history, reputation and success, ensuring our clients and business could thrive in the future was the main focus in finding a national-scale partner.
“Becoming part of Risk Strategies, with its focus on specialization, deep resources and unique, flat national-scale operating structure, offered the best path forward for our business and clients.”
Last month, the Boston-based brokerage firm had acquired Pennsylvania-based insurance brokerage firm, Dash & Love for an undisclosed amount.