Continuing its acquisition streak, Risk Strategies has bought the retail brokerage operations and assets of Pittston, Pennsylvania-based Joyce Insurance Group.
This transaction also covers associated firms, Joyce Jackman Bell, and Joyce Haggerty Bell, which specialise in commercial lines and personal lines services, respectively.
The deal value was not shared by the companies.
According to Risk Strategies, the takeover solidifies its Pennsylvania footprint and its specialty capabilities in the region.
Joyce Insurance Group president John Joyce said: “When looking for a partner to scale our business, Risk Strategies’ specialty approach and collaborative culture really stood out.
“Like us, they clearly understood both the power of specialisation and how to work effectively across organisations to serve clients and win business.”
Joyce Insurance Group offers specialty capabilities in various areas, such as municipalities, schools as well as public works projects.
Established in 1955, the firm currently caters to more than 9,000 clients. It is said to have an average client retention rate of 98%.
The firm was founded by Joseph Joyce Sr. and is currently headed by his three sons, John Joyce, Joseph Joyce, Jr. and Bill Joyce, Sr.
Risk Strategies, which focuses on complementary businesses, has added over 100 firms to its network since its inception in 1997.
Earlier this year, the firm bought New Mexico-based commercial retail insurance agency Burke Insurance Group, and Florida-based employee benefits firm The Gehring Group.
The specialty insurance broker and risk management firm has made several acquisitions last year as well.
In December 2021, the firm purchased Oregon-based commercial and personal lines insurance business Fournier Group.
Last year in November, Risk Strategies snapped up TriPoint Insurance, which delivers performance-based insurance to middle-market firms.
Commenting on the latest deal, Risk Strategies managing director, Atlantic regional leader Scott Popilek said: “We saw in the Joyce Insurance Group a firm that was a great match with our approach in both their consultative client engagement and industry specialisation.”