Insurance brokerage firm Risk Strategies has acquired Gerard B. Tracy Associates, a Connecticut-based employee benefits brokerage firm, for an undisclosed amount.
The family-run Gerard B. Tracy Associates was established in 1948 by Gerard Tracy. The firm is engaged in the creation of employee benefits programmes for several public and private entities with specialty focus on institutions for higher education.
The firm’s brokerage and advisory services covers full spectrum of employee benefits, individual insurance and property and casualty.
Gerard Tracy’s son Tim Tracy Sr. joined the firm in 1975. He is the CEO of the company. Tim’s daughter Sheena Tracy and Tim Tracy Jr. joined the firm in 2005 and 2006, respectively.
Gerard B. Tracy Associates caters to clients including several general and non-profit organisations, located mainly throughout the Northeast.
Risk Strategies national employee benefits practice leader John Greenbaum said: “Risk Strategies was founded on the belief that specialization and expertise are required to win and keep business, because clients are facing complex, costly challenges.
“Gerard B. Tracy Associates has endured and thrived, because they can deliver that type of expertise. It’s a great fit.”
Gerard B. Tracy Associates vice president Tim Tracy, Jr. said: “We know the power of specialization and expertise coupled with truly understanding clients’ needs and the complexity of their own business operations.
“Joining a true specialty brokerage firm like Risk Strategies is a perfect way to connect our clients with additional resources, while opening new paths to grow our business.”
Earlier this month, the brokerage firm acquired California-based Winter Group, a specialty insurance programme manager focused on trucking industry. Risk Strategies did not disclose the financial terms of the deal.
Founded in 1995, Winter Group is a transportation wholesaler and is known for offering national insurance solutions for almost all facets of trucking and transportation industry, specialising in cross-border transportation risks.
The firm serves more than 17,000 customers and supports brokers in dealing with NAFTA transportation risk management and compliance and also offers insight and assistance to streamline the process of meeting regulatory standards associated with cross-border transportation risks.