King Risk Partners has formally launched a Transportation Practice as part of a broader push to build out specialty capabilities across the firm, naming Matt Hoover (pictured) as transportation placement specialist to lead the new vertical. Hoover will work with producers and carrier partners to develop market relationships and manage execution on transportation-related risks across the organisation.
The launch reflects a wider trend among mid-market brokers competing in an environment where generalist placement is increasingly insufficient for harder classes of business. Transportation is one of the most demanding lines in the market, shaped by sustained litigation pressure, rising claims costs and a regulatory overhaul that is reshaping placement relationships across every tier.
According to the American Transportation Research Institute's 2025 Operational Costs of Trucking report, insurance premiums hit a record $0.102 per mile in 2024, following a 12.5% spike in 2023 and an additional 3% increase in 2024. Trucking auto liability premiums rose 36% per mile over the prior eight years, with the 2024 increase of 12.1% the steepest single-year rise in the dataset. Swiss Re reported that excess trucking insurance coverage saw rate increases of more than 75%, with some insurers exiting the market entirely.
The litigation environment is the primary driver. Nuclear verdicts surged 52% in 2024, fuelled by third-party litigation funding, growing anti-corporate sentiment in jury pools and increasingly aggressive plaintiff attorney tactics - a combination that has made transportation one of the most technically demanding lines for producers without dedicated placement support.
The regulatory landscape adds further complexity. In its 2026 quadrennial report to Congress, the FMCSA highlighted that the federal minimum liability requirement of $750,000 - unchanged since 1985 - now covers less than 1.5% of a median major nuclear verdict. The agency's own analysis found that adjusting for core inflation would push the figure to approximately $2.2 million, and that adjusting for medical cost increases would push it above $3.7 million. A higher mandatory floor would significantly reshape placement across every tier of the market, from owner-operators to large fleets, and further raises the premium on specialist broking relationships.
Howard Weiss, chief growth officer at King Risk Partners, said producers need infrastructure behind them to compete effectively in today's market. "Specialisation is no longer optional in today's environment - it is a requirement. Our focus is on building real capabilities behind our producers so they can move faster, win more, and deliver better outcomes for clients. Transportation is a natural place to start," he said. Weiss added that the firm is building an environment where producers have access to expertise, data and support that allows them to compete at a higher level - and that this is what attracts talent and drives long-term growth.
The Transportation Practice launch comes during one of King Risk Partners' most active stretches. OPTIS Partners data showed the firm's M&A activity increased by 53% in 2025, one of the sharpest rises among active acquirers. The brokerage now operates more than 50 locations serving over 55,000 clients, predominantly along the East Coast, and is backed by private equity investors Lightyear Capital and BHMS Investments, which completed a growth investment in April 2025.
The broader US brokerage M&A market was tracking toward the second or third highest volume year on record as of late 2025, with private capital-backed buyers accounting for approximately 73% of announced transactions. Within that context, firms are increasingly investing not only in geographic footprint but in the specialty infrastructure needed to retain and win business in technically demanding classes. The Transportation Practice is the first in a series of specialty platforms King Risk Partners plans to build across key industry verticals.
For mid-market brokers navigating a consolidation wave, the move reflects a broader recognition that scale alone is no longer sufficient - sustainable growth increasingly depends on the depth of expertise a firm can deploy behind its producers.
