Risk Strategies has acquired TriPoint Insurance, a national workers’ compensation specialist providing performance-based insurance (PBI) solutions to middle-market firms in the construction, manufacturing, wholesale and skilled nursing sectors.
The speciality insurance brokerage and risk management firm did not disclose the terms of its acquisition of Connecticut-based TriPoint.
TriPoint’s PBI solutions include large deductible programme structures, captive insurance programmes, and other innovative performance-based products.
The PBI solutions take a holistic approach in managing overall casualty insurance costs by combining smarter claims and risk reduction management with traditional and alternative risk financing, such as high deductible plans and captives.
Following the acquisition, TriPoint’s expertise will be integrated into Risk Strategies’ national casualty practice and administered across all relevant industry and speciality practices.
Edward Flanagan, regional leader for New England at Risk Strategies, says: “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 programmes will be of great value to our clients.”
Robert Phelan, CEO of TriPoint, adds: “Becoming part of the Risk Strategies family means we can retain our specialist approach while gaining access to new capabilities and expertise at national scale.”
This follows Risk Strategies’ acquisition of employee benefits agency Better Business Planning earlier this month.
