Risk Strategies 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.
The terms of the deal were not disclosed.
TMG’s employee benefits and commercial lines business is a market-leader in group captive insurance programs, Risk Strategies said, the company 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.
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. It has clients across a variety of market segments, including hospitals, colleges, school districts and municipalities.
TMG also has a reputable surety business, underwriting customised programs for the construction industry, noted Risk Strategies. It offers safety and loss control capabilities, enabling clients to 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 said.
Doug Joyce, managing partner at TMG, said its priority had been to find a partner that ensured its clients and business could thrive in the future. “Becoming part of Risk Strategies, with its focus on specialisation, deep resources and unique, flat national-scale operating structure, offered the best path forward for our business and clients,” he said.
John Mina, chief executive officer at Risk Strategies, noted the acquisition market has been very active. Risk Strategies wants to acquire firms with a culture and expertise focus that will advance its goal of becoming a best-in-class specialty brokerage, he said.
“We saw in TMG’s long history, loyal client base and expertise, particularly in alternative risk structures, a direct fit with our direction and philosophy,” he added.
Risk Strategies, Thomas McGee Group, Doug Joyce, John Mina