National specialty insurance brokerage Risk Strategies has announced that it has acquired KRA Insurance Agency, a full-service brokerage firm. KRA’s wholly owned subsidiary, KRA Life Agency, was included in the deal. Terms of the transaction were not disclosed.
Headquartered in Springfield, N.J., KRA serves a broad spectrum of industries, with a specialty focus on professional liability, construction, real estate, hospitality, not-for-profits and the high-net-worth industry segments. The firm’s product lines include commercial, personal, employee benefits and life insurance.
“Risk Strategies is experiencing tremendous growth in New Jersey,” said John Scroope, national director of retail operations for Risk Strategies. “The KRA team has the expertise and commitment to excellence that complements our culture and fuels our specialist approach to risk in niche segments.”
KRA Insurance Agency was founded in 1950 as the Kalem Agency. In 1970, Michael Rekoon joined the agency, becoming a partner in 1972. In 1985, the agency was rebranded as KRA Insurance Agency and KRA Life Agency.
“We’ve built our business creating innovative solutions to even the toughest risk management challenges,” said Michele Williams, CEO of KRA. “By joining Risk Strategies, we can maintain that local presence and now have the ability to expand upon the products and services we can offer to our clients even further.”
KRA is Risk Strategies’ second New Jersey-based acquisition in the fourth quarter. In October, the company snapped up Corrigan Johnston Risk Advisors, an all-lines brokerage focused on transportation-related industries.