Specialty insurance brokerage and risk management firm Risk Strategies has taken over Wallace Specialty Insurance Group for an undisclosed sum.

Set up in 2012, Wallace Specialty is engaged in providing insurance services for the dental industry.

Its products are tailored to serve dentists, dental service organisations, as well as oral and maxillofacial surgeons.

The firm provides an array of services such as property and general liability, professional liability, workers’ compensation, individual and group benefits, and management liability.

Risk Strategies central region leader Steve Giannone said: “Risk Strategies strong, steady success has been built on focused, specialty expertise that helps clients confidently manage an increasingly complex world.

“Wallace Specialty group will add new specialty expertise to our capabilities, and we see great potential to help their team build their business in new ways.”

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Wallace Specialty founder Kyle Wallace said: “We know that specialty expertise creates real value for clients and our business.

“As part of Risk Strategies, we’re able to preserve that specialty focus while expanding our capabilities for existing clients and our appeal to prospective clients.”

Last month, Risk Strategies purchased actuarial firm Aquarius Capital Solutions Group, which specialises in health care benefits, employee and retirement benefits.

Aquarius Capital’s clients include insurance companies, insurance brokers, managing general agents (MGA) and managing general underwriters (MGU), financial institutions, reinsurers, among others.