US-based specialty insurance brokerage and risk management company Risk Strategies has taken over Pace Professional Services for an undisclosed sum.
Specialising in professional liability offerings, Pace primarily caters to certified public accountants (CPAs) and law practices.
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The deal marks Risk Strategies’ first purchase of a company mainly serving the accounting profession.
Garden City, New York-based Pace was established in 1992 by president and owner Kenneth Gross.
It has built a national client base, with a strong presence in the north-east.
Besides professional liability insurance, the company provides cyber liability and employment practices liability (EPL), including an exclusive EPL policy tailored for accounting companies.
Since 1994, Pace has served as the territorial administrator for the CNA Accountants Professional Liability Insurance programme in New York and Connecticut, a programme exclusively endorsed by the American Institute of Certified Public Accountants.
Additionally, since 1992, the Connecticut Society of CPAs has endorsed Pace.
Risk Strategies New York regional leader Robert Rosenzweig said: “Specialised expertise is vital to ensuring client risks are effectively mitigated. Ken and his team bring the type of deep, specialised focus that will add significant new industry knowledge to our professional liability practice.”
Gross added: “Specialised expertise and a dedicated staff have built our success. Becoming part of Risk Strategies is a unique opportunity to scale our specialty focus while bringing our clients new resources and more coverages.”
This acquisition comes on the heels of Risk Strategies’ purchase of the US and Canadian operations of insurance holding company HWI BV.
According to Risk Strategies, this move bolsters its marine practice, especially in commercial marine insurance, and enhances its ability to provide sophisticated solutions for global cargo transit and inventory risks.
It also augments the company’s fine art practice, offering specialised insurance for collectibles such as coins and stamps to a range of clients, from commercial dealers to private collectors.
