US specialty insurance brokerage Risk Strategies has bought performance based insurance (PBI) specialist TriPoint Insurance Inc.
The Connecticut-based business targets mid-market companies between 50 and 5000 employees with workers’ compensation products that give the opportunity to earn money back through a dividend (based on claims levels) on the premium.
TriPoint’s PBI solutions cover construction, manufacturing, wholesale and skilled nursing industries and include large deductible program structures, captive insurance programs and other performance-based products. According to Tripoint, it takes a holistic approach to managing clients’ overall casualty insurance costs, combining smarter claims and risk reduction management with traditional and alternative risk financing.
TriPoint’s expertise will be integral to Risk Strategies’ national casualty practice and deployed across all relevant industry and specialty practices, the company said. TriPoint experts will also work closely with its Risk Management Services and Consulting Safety Services groups to bring additional capabilities to clients and develop new business, it added.
The terms of the deal were not announced.
Edward Flanagan, Risk Strategies’ New England regional leader, said: “TriPoint is a great match for Risk Strategies. We share in taking a specialist approach to risk and fostering a culture that embraces innovation and collaboration. Their unique approach and performance-based insurance programs will be of great value to our clients.”
“Specialization and dedicated focus have delivered exceptional value to our clients, distinguished us in the market and steadily built our business,” said Robert Phelan, TriPoint chief executive officer. “Becoming part of the Risk Strategies family means we can retain that specialist approach while gaining access to new capabilities and expertise at a national scale.”
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