Griffith Insurance Joins Risk Strategies Expanding Specialties
Deal News | Feb 05, 2025 | Globenewswire
Risk Strategies, a prominent North American insurance brokerage, has acquired Griffith Insurance, LLP, a full-service independent insurance agency based in West Chester, Pennsylvania. Founded in 1988, Griffith Insurance offers a vast range of risk and liability products to a varied client base, including commercial and private clients with a focus on the construction industry. The acquisition of Griffith Insurance aligns seamlessly with Risk Strategies' existing services, especially in surety bond practices and personal lines for high-net-worth individuals and family offices. This addition enhances Risk Strategies' footprint in Pennsylvania, building on previous strategic acquisitions in the region, and positioning the firm as a market leader. The integration of Griffith Insurance is expected to provide enhanced specialty capabilities and resources, offering clients comprehensive services ranging from commercial insurance to high-value personal lines.
Sectors
- Insurance Brokerage
- Risk Management
Geography
- United States – The acquisition involves two U.S.-based companies, Risk Strategies and Griffith Insurance, with a focus on expanding operations within Pennsylvania.
- Pennsylvania – Griffith Insurance is headquartered in West Chester, Pennsylvania, and the expansion enhances Risk Strategies' presence in this state.
Industry
- Insurance Brokerage – The article revolves around the acquisition of an insurance agency, highlighting Risk Strategies as a brokerage firm, which is essential in this sector for providing risk management and insurance products.
- Risk Management – Risk Strategies' role as a risk management firm is emphasized in the acquisition, indicating the importance of risk management services offered to diverse client bases, as part of this transaction.
Financials
- Not disclosed – The terms of the deal, including financial details, were not disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Risk Strategies | Buyer | Company | A leading North American specialty insurance brokerage and risk management consulting firm. |
| Griffith Insurance, LLP | Target | Company | A full-service independent insurance agency based in West Chester, Pennsylvania, focusing on the construction industry and personal lines for high-net-worth clients. |
| Rob Rosenzweig | Northeast Regional Leader, Risk Strategies | Person | A regional leader at Risk Strategies who commented on the acquisition's alignment with their strategic goals. |
| Tom Griffith | Owner, Griffith Insurance, LLP | Person | The owner of Griffith Insurance, LLP, highlighted the acquisition's benefits for their organization and its alignment with Risk Strategies. |