Retail insurance broker McGriff has announced its acquisition of Alternative Risk Resources (ARR), a commercial brokerage firm based in Wisconsin that specializes in captive insurance.
This acquisition represents a significant expansion of the broker’s footprint in the captive insurance market, as ARR has been actively involved in the industry for over 25 years. Additionally, it marks McGriff's entry into the Wisconsin market, further broadening its operations in the Midwest.
Over the next six months, ARR will undergo a transition to adopt the McGriff brand. The specific terms of the transaction were not disclosed.
“We have long admired and respected the ARR insurance team and its decades of experience in providing alternative risk solutions to their clients,” said Read Davis, McGriff Specialty and Middle Market CEO. “This acquisition complements McGriff’s existing capabilities in the captive insurance arena as we expand our geography in the Midwest region.”
Elsewhere in the company, McGriff also announced plans to restructure its personal lines operations, with the aim to provide direct support to the private client sales and service functions within the division.
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