Risk Strategies, a US-based speciality insurance brokerage and risk management firm, has announced the acquisition of Statewide Condominium Insurance for an undisclosed sum.

Statewide Condominium Insurance is a specialist retail broker focused on providing risk management and insurance solutions to condominium and apartment complex risk sectors.

The Vero Beach, Florida-based firm’s offerings include property, wind, flood, general liability, professional liability, and umbrella coverages.

As Risk Strategies continues to expand capabilities for clients in the region, it expects the acquisition of Statewide to offer significant growth potential.

The transaction also increases Risk Strategies’ opportunity for more engagement in complementary products and services.

Risk Strategies Atlantic region leader Scott Popilek said: “Complex risks and difficult markets require speciality expertise.

“It is why Risk Strategies has flourished and why Statewide is such a great addition to our capabilities in Florida. We are excited to add this team’s expertise.”

Statewide collaborates with associations to provide coverage reviews, insurance options, proposals, recommendations and premium financing as well.

Statewide Condominium Insurance CEO Jerry Wahl said: “As a highly specialised firm, we wanted to find the right partner to grow our business and expand the ways in which we could help our clients manage their risks.

“Risk Strategies speciality focus meant our people could continue doing what they do best while gaining access to deep expertise in complementary areas of risk management.”

Last month, Risk Strategies purchased Wallace Specialty Insurance Group, which is focused on providing insurance solutions for the dental industry.