The acquisition expands Risk Strategies’ Mid-Atlantic presence and aligns with its specialty capabilities strategy
Image: Risk Strategies acquires Maryland-based brokerage. (Credit: Pixabay/Gerd Altmann)
US-based insurance brokerage company Risk Strategies has acquired Weaver Brothers Insurance, a Bethesda, Maryland-based full service brokerage firm, for an undisclosed amount.
Founded in 1988, Weaver Brothers is a commercial brokerage firm with a capacity of servicing insurance and risk management needs of public entities, particularly embassies and diplomatic risks. It is touted to be one of the largest independent brokerages in the Washington DC area.
The firm claims to possess an in-depth knowledge of risk issues and tailored solutions that have, in turn, developed long-term relationships with clients and carriers.
Risk Strategies CEO John Mina said: “We believe businesses today need true specialists who understand their unique risks and can devise effective, innovative ways to manage them.
“Weaver Bros. is a great addition to our portfolio in the Washington D.C. geography, bringing unique specialty capabilities and deep risk management expertise to complement our existing operations in the region. Their ability to build trust and long-term relationships is a terrific fit with our approach.”
Besides its specialty work in embassy and diplomatic risk, Weaver Brothers’ business insurance division has also established practices in real estate and contractors, automobile dealers and non-profit organisations.
Product line under the practices range from property and casualty and general liability to group benefits, workers’ compensation and directors and officers liability, among others.
Weaver Brothers Insurance Dick West said CEO: “Weaver Bros.’ longevity is due, in no small part, to evolving its practices to match business need, from specialty focus to technology adoption.
“We see becoming part of Risk Strategies as the best way to scale our specialist approach and deliver the new and deeper capabilities our clients and prospects are seeking.”
Weaver Brothers acquisition is part of Risk Strategies’ specialty capabilities strategy
The acquisition of Weaver Brothers is part of Risk Strategies’ specialty capabilities strategy, under which the company expanded its Mid-Atlantic footprint.
Last month, Risk Strategies had acquired two subsidiaries of Gowrie Holdings which include Gowrie Group and Maritime Program Group, for an undisclosed amount.
Gowrie Group is a specialty retail insurance brokerage serving niche insurance programs, while Maritime Program Group (MPG) is a marine-focused managing general agent (MGA).