American insurance brokerage Risk Strategies has acquired TriPoint Insurance, a specialist which offers performance-based insurance (PBI) to middle-market firms.
The acquired firm operates in the construction, manufacturing, wholesale, and skilled nursing market. The financial value of the deal has not been disclosed.
TriPoint was established as a general insurer in 1917. Its PBI offerings include large deductible program structures, captive insurance programs and other performance-based products.
Risk Strategies New England regional leader Edward Flanagan said: “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 programs will be of great value to our clients.”
TriPoint CEO Robert Phelan said: “Specialization and dedicated focus have delivered exceptional value to our clients, distinguished us in the market and steadily built our business. Becoming part of the Risk Strategies family means we can retain that specialist approach while gaining access to new capabilities and expertise at national scale.”
As Risk Strategies’ subsidiary TriPoint’s expertise will be deployed across all relevant industry and speciality practices.
It will focus on claims management and risk reduction, the insurer will also work with national casualty practice, risk management services and consulting safety services.
In August this year, Risk Strategies bought medical malpractice insurance specialist Danna-Gracey.