Risk Strategies buys Wallace Specialty

Specialty insurance brokerage and risk management firm Risk Strategies has acquired Wallace Specialty Insurance Group. The terms of the deal were not disclosed.

Based just outside of Dallas in Richardson, Texas, Wallace Specialty was founded in 2012 to provide the dental industry with the best-in-class insurance services. The firm creates custom, comprehensive insurance plans for dental service organisations, dentists, and oral and maxillofacial surgeons. Wallace’s offerings, for these clients, include professional liability, property and general liability, workers’ compensation, management liability, individual and group benefits, among others.

“Risk Strategies strong, steady success has been built on focused, specialty expertise that helps clients confidently manage an increasingly complex world,” said Steve Giannone, Risk Strategies central region leader. “Wallace Specialty group will add new specialty expertise to our capabilities, and we see great potential to help their team build their business in new ways,” he added.

Led by its founders and principals, Kyle and Terri Wallace, Wallace Specialty’s core team of insurance professionals compete against much larger, national insurance brokerages in their region. The addition of Wallace Specialty builds on Risk Strategies overall capabilities in serving medical professionals. Risk Strategies National Health Care Practice is a market leader and operates as a fully integrated practice across product lines and geographies.

“We know that specialty expertise creates real value for clients and our business,” said Kyle Wallace. “As part of Risk Strategies, we’re able to preserve that specialty focus while expanding our capabilities for existing clients and our appeal to prospective clients,” he added.

Wallace Specialty serves dental professionals across the spectrum, including associates in practice, group practices and practice owners. The firm enjoys exclusive relationships with leading insurance companies in several states and counts over 6,000 dentists as clients.

The deal is the latest in a series of expansions & appointments by Risk Strategies, which included buying Cambridge Advisory Group in March of this year and the retail brokerage operations and assets of Pittston, Pennsylvania, headquartered Joyce Insurance Group in February.