SOURCE: Risk Strategies Company

Risk Strategies Company

November 10, 2015 10:00 ET

Risk Strategies Company Builds Chicago-Area Operations, Professional Liabilities Practice With Acquisition of M.G. Welbel & Associates

Deal Marks National Insurance Brokerage's Second Chicago Area Acquisition Since May

CHICAGO, IL--(Marketwired - Nov 10, 2015) - Risk Strategies Company, a privately held, rapidly growing national insurance brokerage and risk management firm, today announced it has strengthened its Chicago-area operations as well as the expertise of its professional liability practice with the acquisition of M.G. Welbel & Associates. Terms of the deal were not made public.

Headquartered in Northbrook, IL, M.G. Welbel & Associates (MGW) is a professional liability insurance specialty broker with a focus on serving the needs of lawyers and design professionals, including architects, engineers and surveyors. The firm's focus is a natural fit for Risk Strategies, which currently has one of the country's leading brokerage practices for architects, engineers and other design professionals.

"We've built one of the most highly-skilled professional liability insurance specialty brokers in the Chicago-area," said Michael G. Welbel, President of M.G. Welbel and Associates. "Joining Risk Strategies creates an organization with unmatched expertise in the Midwest region and gives clients access to more carriers, better programs and new ways of cost-effectively managing their risk," he added.

In May of this year, Risk Strategies acquired Chicago-based Northwest Comprehensive, bolstering its employee benefits and higher education practices. Risk Strategies established its Midwest presence in 2007 with a start-up office in Northfield, IL, just north of Chicago, and has since more than tripled its head count and business in the region.

"Clients want to work with people who really understand their business," said Mark Madigan, Senior Managing Director and leader of Risk Strategies' Midwest Region. "Michael and his team are recognized authorities in professional liability and their personalized approach to client service makes them a perfect fit as we build out this practice in the Midwest and nationally."

Operating from more than 18 offices across the country, Risk Strategies provides clients the market reach and technical resources of a nationally ranked brokerage with the focused, personalized expertise of a boutique firm. As a lawyer-led professional liability consulting and brokerage firm, the addition of MGW builds on this approach.

In October of this year, Risk Strategies announced a significant investment by new majority owner Kelso & Company to build out its national practices and accelerate growth in key strategic areas.

About Risk Strategies Company

Risk Strategies Company is a privately-held, national firm with offices across the country. As a leading U.S. insurance broker, the company offers sophisticated risk management advice and insurance placement for property & casualty and employee benefits risks. Risk Strategies serves commercial companies, non-profits, public entities and individuals, and has access to all major insurance markets. Ranked in the top 25 brokers in the country, the company has offices in more than 18 locations including Boston; Chicago; Los Angeles; New York City; San Francisco; Portsmouth, NH; Randolph, MA; Providence, RI; Long Island, NY; Teaneck, NJ; Irvine, CA; and Sacramento, CA.