US-based insurance brokerage and risk management provider Risk Strategies has purchased Prince Associates for an undisclosed sum.

The acquired company is a multi-line retail insurance agency.

Based in Hicksville, New York, Prince Associates specialises in assisting customers in need of commercial insurance coverage.

The insurer provides services to clients in 41 US states across multiple sectors such as manufacturing, waste management, hospitality, animal shelters and real estate.

Led by Leith Baren and Craig Sherman, Prince Associates’s team assists in identifying workable approaches to risk management.

Some of the services it provides are risk management evaluations, loss control analysis, overviews of claims handling, flexible financing and alternate choices for risk transfer.

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Prince Associates also provides personal lines coverage for families and people, including homeowners, property, renters, vehicle, flood and identity theft.

Risk Strategies New York regional leader Robert Rosenzweig said: “The need for expert knowledge in risk management and insurance for business is only increasing. Leith, Craig and the team at Prince Associates are a great addition to our commercial lines expertise and I am excited to welcome them to the Risk Strategies family.”

Prince Associates CEO Leith Baren said: “We wanted to expand our capabilities and scale our business without sacrificing the expertise-driven approach to risk management that drove our success. We saw becoming part of a true speciality broker like Risk Strategies as the perfect way to do just that.”

Last month, Risk Strategies and One80 Intermediaries said that they will operate under a new brand, called Accession Risk Management Group.

In August 2023, Risk Strategies acquired Bisnett Insurance, a full-service retail agency based in Oregon.