Massachusetts-based insurance broker Risk Strategies has acquired Select Insurance Markets (SIM) and Preferred Personal Insurance Agency (PPIA) for an undisclosed sum.
SIM is a marketer of personal lines standard insurance offerings in Texas. The business was established by its principals Robert Cox and Elizabeth Kirby in 2001.
PPIA, set up in 2006 as an independent retail agency in Texas, focuses on personal lines insurance.
Risk Strategies national private client practice leader Bob Courtemanche said. “Bringing these two operations into our national organisation makes sense in that it adds new capabilities and market expertise in an important practice area, while further demonstrating our commitment to the state of Texas and the Southwest region.”
The two acquired entities collectively have around $200m in personal lines premiums.
SIM-PPIA co-owner Robert Cox said: “We know the power of access to resources and expertise. Joining Risk Strategies is a great way to expand our scope and provide even greater resources to our agency partners.”
Risk Strategies expanded into Texas two years ago with the purchase of McLaughlin-Brunson Insurance Agency, a provider of professional liability, property and casualty and health insurance for architects, engineers and accountants.
Last year, Risk Strategies acquired Texas-based private lines specialty agency Terrell Insurance Services.