Risk Point Consulting offers professional sports and college athletics contractual bonus coverage. Credit: Pexels from Pixabay.

Insurance broker Hub International has announced the purchase of Risk Point Consulting’s assets for an undisclosed sum.

The acquired firm specialises in professional sports and college athletics contractual bonus coverage and over-redemption insurance.

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The Georgia-based firm’s team has more than six decades of combined industry experience and it has managed more than $1bn in risk exposure since its inception 15 years ago.

The acquisition will complement and strengthen Hub’s existing sports and entertainment speciality practice.

As per the terms of agreement, Risk Point Consulting president Michael Wright, and his team, including Adam Goldfarb and Ari Weitz, will join the Hub Gulf South region.

Hub Gulf South president Shaun Norris said: “Risk Point Consulting’s deep experience with all sports entities and a specific focus on sports sponsors, professional athletes and college athletic departments, allows it to help its clients achieve their unique goals. We are confident this acquisition will help expand our sports and entertainment capabilities in the South.”

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Earlier this month, Hub International acquired the assets of Ward Insurance for an undisclosed sum.

In January this year, Hub International snapped up CAPAX Management and Insurance Services, an insurance brokerage and employee benefits consulting firm.

In November 2020, it purchased the assets of Baystate Fiduciary Advisors based in Massachusetts.

Last year, Hub International also acquired the assets of Leading Edge Benefit Advisors and affiliates for an unknown sum.

Located in Fort Myers, Florida, Leading Edge specialises in employee benefits and retirement planning and wealth management solutions.