BevCap buys Dealer Risk Services

BevCap Management, a subsidiary of Beyond Risk Management, an alternative risk specialty insurance services and program management firm, has acquired Dealer Risk Services, based in Indialantic, Florida.

The terms of the transaction were not disclosed.

“This is an exciting vertical for BevCap Management and adds an exceptional group captive program to our team,” said Lance Abbott, Founder and chief executive of BevCap. “Dealer Management Group has many similarities with BevCap Captive Group, which we have managed since inception. Both captives are led by family owned, often multigenerational business owners that have a long-term vision for their business and the captive programs they are building.”

Steve Gibson, founder and president of DRS, remarked, “By joining forces with BevCap, we are able to expand our platform to deepen our offerings with expanded resources behind us. Combining our talent in the disciplines of captive insurance program management, underwriting, claims and reinsurance with BevCap will allow us to continue to evolve the customized solutions we offer our clients and broker partners. We are excited about this partnership with Lance and the BevCap team and the opportunity that the future holds being a part of BevCap and the Beyond Risk family.”