US-based insurance firm Risk Strategies has acquired Transport Risk Management, a specialist in aviation-related insurance and risk management.
Financial terms of the deal were not disclosed by the companies.
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Transport Risk offers coverage to several industries including manned commercial and industrial aid aircraft, non-owned aviation, aircraft and personal liability, and unmanned aerial system, and drone coverage.
Transport Risk has managing general agent authority with a major international carrier for its specialty drone program.
Through the acquisition, Risk Strategies hopes to add wholesale capabilities to its recently launched specialty wholesale division, One80 Intermediaries.
Founded 17 years ago by current president Terry Miller, Transport Risk has more than 1,000 clients. It helps them in identifying and mitigating potential loss pertaining to aviation, aerospace, and aircraft operations.
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By GlobalDataRisk Strategies CEO John Mina said: “Terry and the firm he has built is a dead-on fit for our business, and their focus is an area in which we’re seeing an increased need.”
Terry Miller has 26 years of experience in the aviation insurance industry as an underwriter and broker.
Miller stated: “We were looking for a way to broaden our capabilities without compromising the specialist knowledge and expertise that our growing client base demands.
“Becoming part of Risk Strategies was the perfect way to achieve this goal and ensure we could continue to grow our business in a way that worked best for our clients.”
Acquisitions by Risk Strategies in 2019
In December last year, Risk Strategies acquired Gowrie Holdings subsidiaries for an undisclosed amount.
In November, Risk Strategies purchased Missouri-based Thomas McGee Group (TMG) for an undisclosed amount.
In the same month, Risk Strategies also bought Zito Insurance Agency based in Ohio.
In October, Risk Strategies snapped up specialty brokerage firm Dash & Love and in August it bought National Insurance Consulting Group.
