Risk Strategies has acquired Texas-based insurance brokerage firm MainStreet Consulting Group for an undisclosed price.
The acquisition, which will help Risk Strategies to expand its presence in Texas, enables the national insurance brokerage and risk management firm to offer business coverage, benefits planning and risk management services in the state.
Headquartered in Conroe, MainStreet Consulting is mainly engaged in placing a range of insurance coverage types for commercial clients. From manufacturing to construction, the company caters to clients across a variety of industries.
Risk Strategies said that while it already provides solutions to many of the industries covered by MainStreet Consulting, there are still some new fields such as the energy industry, which it has added through the acquisition.
Risk Strategies chief financial officer John Vaglica said: “MainStreet is a great fit for our company as we build out our presence in Texas.
“We’re particularly excited that this acquisition will provide Risk Strategies entry into the energy space for the first time and do so with a highly qualified team.”
Founded in 2003, MainStreet Consulting also helps commercial clients develop alternatively-funded employee benefits programmes. The Texan insurance broker is also actively engaged in providing insurance placement and risk management advisory services to personal lines clients.
MainStreet Consulting president and CEO Dee VanSchoick, Jr. said: “Joining up and becoming part of Risk Strategies was a winning idea as we sought ways to expand our business and provide deeper expertise for clients in today’s rapidly changing business world.”
Risk Strategies, which has operations across the US, provides risk management advice and insurance and reinsurance placement for property and casualty, healthcare and employee benefits risks.
The company, which ranks among the largest insurance brokers in the US, forayed into Texas in 2016 through the acquisition of specialty brokerage McLaughlin-Brunson. The next year, the company acquired private lines specialty agency Terrell Insurance Services followed by the acquisitions of Select Insurance Markets and Preferred Personal Insurance Agency in 2018.
Through the two acquisitions last year, the company is said to have gained new resources and capabilities to its national private client practice in the wholesale and retail capacities.