US-based insurance brokerages Oswald Companies and RCM&D have agreed to merge their operations.
The two businesses will retain their independent brands, operations as well as management.
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The unified entity will operate as Unison Risk Advisors, where employees will have the sole ownership.
It will have 12 offices across the Mid-Atlantic and Midwest and staff headcount of over 650.
The deal is anticipated to complete by the end of this month.
RCM&D president and CEO Bob Cawley said: “This merger, and the development of Unison Risk Advisors, builds on the legacy of our firms’ strong independent and complementary cultures while coming together in a model of employee ownership.
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By GlobalData“We fundamentally believe that clients are best served in such environments.”
An independent, employee-owned firm, Oswald Companies was set up in 1893.
According to the 2020 Business Insurance “Top 100 Largest Brokers of U.S. Business” survey, the Cleveland, Ohio-headquartered firm is ranked as the 39th largest brokerage firm in the US.
The survey ranked firms on 2019 brokerage revenue.
Established in 1885, Baltimore, Maryland-based RCM&D is an independent and privately held business.
Alongside its subsidiary RCM&D Self-Insured Services Company (SISCO), the firm was ranked as the 69th largest US insurance brokerage in the same survey.
Both Oswald and RCM&D offer employee benefits and health insurance, risk management, commercial property and casualty insurance, personal and life insurance, and retirement plan services.
As a combined entity, they eye future expansion opportunities via the “strategic and geographic growth” of their specialty practices.
Oswald Companies chairman and CEO Robert Klonk said: “This strategic alignment of our like-minded firms is the first step in our partnership and strategic growth plan, through the value-added advancements of an expanded geographic footprint, specialty practices areas, expertise and firm perpetuation.
“This merger represents the continued strengthening of our platform for the next generation of employee-owners.”
Earlier this year, Texas-based independent insurance broker Higginbotham combined its business with local peer Amerman Insurance Services.
