US-based specialty insurance brokerage and risk management provider Risk Strategies has acquired Stone Insurance Agency for an undisclosed sum.
Stone Insurance Agency, established in 1859 by Elliott Stone, caters to commercial and personal lines clients.
The company is currently led by Robert Oman and Doug Danaher, who oversee its commercial and personal lines businesses, respectively.
With a team of property and casualty insurance specialists, Stone Insurance Agency caters to commercial clients across various industries such as retail, manufacturing, e-commerce, property maintenance and industrial services.
Risk Strategies said the deal is expected to provide additional resources and unlock new growth opportunities in the agency’s specialty of personal lines and high-net-worth clients.
This acquisition further strengthens Risk Strategies’ presence and expertise in New England.
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Risk Strategies New England regional leader Ed Flanagan said: “The foundation of Risk Strategies’ success has been our team’s commitment to collaboration, development of expertise, a sense of urgency and to integrity.
“Stone Insurance Agency shares this philosophy, and their long business history is proof of its efficacy. I am excited to welcome their team of professionals to the Risk Strategies family, and to our ever-expanding local presence along the Connecticut shoreline.”
Stone Insurance Agency managing partner Robert Oman said: “As we looked for ways to perpetuate and scale our business, we looked for a partner who shared our view of the business and could complement our capabilities.
“Risk Strategies clearly had the resources and capabilities we needed, and also offered a great cultural fit for our people and approach to client service.”
In the past year, Risk Strategies has made strategic acquisitions, including Massachusetts-based employee benefits specialist Strategic Benefits Solutions and Connecticut-based company May, Bonee & Clark Insurance, which brought expertise in employee benefits and financial services.
Last month, Risk Strategies acquired retail insurance agency Robert Alan Agency.