Risk Strategies, a US-based specialty insurance brokerage and risk management firm, has acquired Advisor Brokerage Services (ABS), an insurance brokerage and risk management consulting firm.
Terms of the transaction have not been revealed.
For Risk Strategies, ABS is the first acquisition in Austin, Texas, US.
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ABS is focused on catering to alternative asset management firms.
It provides specialised insurance coverages for financial institutions, hedge funds, private equity firms and family offices.
Risk Strategies private equity practice leader Neil Krauter, Sr said: “ABS values strong client relationships and is committed to serving the dynamic needs of institutionally-backed portfolio companies which aligns naturally with our company’s specialist approach to risk and private equity practice.
“I have known and worked with Charles for over 20 years and am excited to welcome him and the Advisor Brokerage Services team to the Risk Strategies family.”
Set up in 2014 by Charles Newman, ABS offers insurance solutions for portfolio investments, supports smaller placements, private client services, internal and external diligence, and request for proposal consulting for portfolio companies and subsidiaries.
Advisor Brokerage Services founder and principal Charles Newman said: “As we explored elevating ABS and our clients, we looked for a partner that not only had deep technical skills, resources and market access to leverage, but also one that would maintain the entrepreneurial spirit our clients appreciate. Risk Strategies uniquely matched those two desires and we’re excited to continue to grow together.”
More than 100 entities, with speciality expertise and capabilities, have joined Risk Strategies since it was established in 1997.
