Insurance companies Risk Strategies and One80 Intermediaries have announced an internal restructuring, which will see them operate under a new brand.

Called Accession Risk Management Group (Accession), the new entity is owned by private equity company Kelso & Company.

Risk Strategies is a retail speciality intermediary and risk management provider, while One80 Intermediaries is a speciality wholesale broker and programme management company.

John Mina will lead Accession as its global CEO and the company will continue offering specialised insurance solutions across the US and Canada.

Accession expects the restructuring will make it even easier for the larger business to grow and be adaptable in the future as it continues to expand its portfolio of speciality products and services.

With a focus on specific markets and areas of expertise, each of the current Accession companies caters to different partners and customers in the insurance and risk management sectors.

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The combined entity is nearing $1.5bn in revenues and more than $15bn of insurance premiums under management, Accession added.

With nearly 5,000 workers between Risk Strategies and One80 Intermediaries, more than 170 speciality businesses have so far joined Accession’s family of businesses through mergers and acquisitions.

Accession Risk Management Group CEO John Mina said: “Our clients and partners have an evolving continuum of insurance and risk management needs, all of which we aspire to address from within the Accession Risk Management Group family.

“The introduction of Accession Risk Management Group as our parent brand gives us a broader opportunity to serve our clients and partners across an expanding set of niche and speciality market segments.”

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