Risk Strategies Acquires Full Service Brokerage Marine-focused MGA
- December 11, 2019
Risk Strategies Acquires Insurance Subsidiaries of Gowrie Holdings, Inc.
Full-service brokerage Gowrie Group brings marine and private client specialization; Maritime Program Group is largest U.S. program underwriter of recreational marine insurance
BOSTON -- Risk Strategies announced that it has acquired the two subsidiaries of Gowrie Holdings, Inc. (GHI). The acquisitions include both Gowrie Group (Gowrie), a full-service national specialty retail insurance brokerage with an established leadership reputation for niche insurance programs, as well as Maritime Program Group (MPG), a marine-focused managing general agent (MGA). Together, Gowrie and MPG are the largest recreational marine insurance specialists in the U.S. Terms of the deal were not disclosed.
Founded by Carter Gowrie in 1974, Gowrie today has over 80 employees and five offices in the Northeast. The MPG division has over 60 employees deployed across six offices in the Eastern U.S. As a combined entity, GHI is ranked in the Insurance Journal’s Top-100 of U.S. brokers and has accelerated its growth by executing nine acquisitions in the past 10 years, bolstering both its retail and wholesale divisions.
“We’re excited to bring Carter and his people on board as we further differentiate Risk Strategies from generalist firms,” said John Mina, Risk Strategies’ Chief Executive Officer. “Their scale in specialization, both in its retail and wholesale businesses, will add significantly to our current businesses and provide a great base for growth.”
In 2016, Risk Strategies acquired Ft. Lauderdale-based marine insurance specialist, Atlass Insurance, and its wholesale group, Atlass Special Risk. As with that acquisition, the purchase of Gowrie Group will add significantly to the capabilities of Risk Strategies’ national private client practice, while MPG will bring notable scale and specialty capabilities as the firm builds up the offerings of its wholesale and program underwriting operations, One80 Intermediaries.
“Finding a way to perpetuate and grow our specialized business has always been our focus,” said Carter Gowrie, GHI Chairman and CEO. “Risk Strategies, with its specialty-focus, national presence and diverse offerings, is a perfect match for both our retail and wholesale companies. We look forward to realizing our many synergies.”