Risk Strategies Acquires Thomas McGee Group
Adds captive program expertise and successful commercial and personal lines, employee benefits services
BOSTON — Risk Strategies, a privately held, rapidly growing national insurance brokerage and risk management firm, announced that it has acquired Thomas McGee Group (TMG), a Missouri-based full service brokerage with specialty capabilities for large accounts, group and single parent captives, and focused risk management services. Terms of the deal were not announced.
Over the course of its 100+ years in business, TMG has become one of the Midwest’s preeminent insurance brokerage and risk management firms by combining innovation and expertise with responsive, personalized customer service. This approach has engendered a high degree of customer satisfaction and loyalty, with many clients having been with the firm since the 1970s. Headquartered in Kansas City, MO, the firm also maintains offices and operations in St. Louis, MO.
“In a very active acquisition market, we remained focused on bringing on board only those firms with a culture and expertise focus that will advance our goal of becoming a best-in-class specialty brokerage,” said John Mina, Risk Strategies’ Chief Executive Officer. “We saw in Thomas McGee Group’s long history, loyal client base and expertise, particularly in alternative risk structures, a direct fit with our direction and philosophy.”
In its employee benefits and commercial lines business, TMG is a market-leader in group captive insurance programs, having been in the alternative risk transfer space since the 1980s. TMG has formed and manages self-insured pools as well as placements for excess programs, loss portfolio transfer programs, claim reserve analysis, programs for individual clients and other alternative risk financing and management strategies.
“With over 100 years of history, reputation and success, ensuring our clients and business could thrive in the future was the main focus in finding a national-scale partner,” said Doug Joyce, Managing Partner, TMG. “Becoming part of Risk Strategies, with its focus on specialization, deep resources and unique, flat national-scale operating structure, offered the best path forward for our business and clients.”
In its Third-Party Administrator (TPA) group, TMG provides loss adjustment services, including claims management processes and loss control and safety programs for self-insured customers, across a variety of market segments, including hospitals, colleges, school districts and municipalities.
The firm also enjoys a national reputation in the surety business, underwriting customized programs for the construction industry. In this segment of their business, TMG draws on extensive knowledge of both the surety underwriting process and the complexities of the construction industry to negotiate customized programs that meet specific client needs.
In-house safety and loss control capabilities help TMG clients identify and mitigate risks that could affect their people, operations and property and liability risks. For many clients, the firm acts as an outsourced risk manager, providing on-demand, ongoing guidance about risk and liability issues that could affect their business. Risk Strategies also maintains safety, loss control, and claims management capabilities. This past September, Risk Strategies acquired Pro Safety Services, an established leader in providing safety and loss control services to construction companies, builders, and a range of other industries.