US specialty insurance brokerage and risk manager Risk Strategies has announced the acquisition of the US and Canadian operating entities of insurance holding company HWI BV.
The deal, the value of which was not divulged, includes Hugh Wood (US) and Hugh Wood Canada.
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Hugh Wood (US), headquartered in New York City, offers a range of insurance solutions with a focus on sectors such as real estate, marine, metals and fine art.
The company serves an international clientele, including Japanese clients.
Hugh Wood Canada, located in Toronto, specialises in complex commercial lines placements and personal asset protection.
Risk Strategies said the acquisition enhances its marine practice, particularly in commercial marine insurance, providing advanced solutions for global cargo transit and inventory risks.
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By GlobalDataIt also strengthens the company’s fine art practice with specialty expertise in insuring collectibles such coins and stamps for various clients, from commercial dealers to private collectors.
Furthermore, Risk Strategies’ Canadian operation is expected to benefit from added specialty expertise in several industry sectors, as well as commercial and private lines coverages.
This move follows a strategic review by HWI BV of its North American operations, which began in 2021.
HW International BV chairman David Nelson said: “This is an excellent opportunity for the HWI BV Group and the North American teams, and we see Risk Strategies as an ideal partner. The deal will enable the HWI BV Group to continue to prosper and work together with a fantastic partner in North America, as well as creating a relationship that is truly additive to all parties.”
Accession Risk Management Group global CEO John Mina said: “We are excited to welcome these Hugh Wood companies into the Risk Strategies family and expand our operations to serve the risk management and insurance needs of clients in Canada.
“Our goal in acquiring firms is to bring on specialists with a client-first, collaborative approach and the potential to both strengthen and expand our reach and capabilities.”
Accession Risk Management is the parent brand of Risk Strategies and One80 Intermediaries.
Earlier this year, Risk Strategies acquired Stone Insurance Agency, a company founded in 1859 that serves commercial and personal lines clients.
