National specialty brokerage Risk Strategies has announced that it has acquired the retail brokerage operations and assets of Pennsylvania-based Joyce Insurance Group, including Joyce Jackman Bell and Joyce Haggerty Bell. The terms of the transaction were not disclosed.
Founded in 1955 by Joseph Joyce Sr., Joyce Insurance Group’s industry specialties include municipalities, schools, excavators, transit authorities, and public works-related firms.
“We saw in the Joyce Insurance Group a firm that was a great match with our approach in both their consultative client management and industry specialization,” said Scott Popilek, managing director and Atlantic regional leader at Risk Strategies. “We believe their collaborative and specialized approach, matched with our firm’s expertise and capabilities, is a recipe for success.”
The firm is led today by the sons of Joseph Joyce Sr. – John Joyce, Joseph Joyce Jr., and Bill Joyce Sr. It provides products and services to more than 9,000 clients and boasts a 98% average client retention rate.
“When looking for a partner to scale our business, Risk Strategies specialty approach and collaborative culture really stood out,” said John Joyce, president of Joyce Insurance Group. “Like us, they clearly understood both the power of specialization and how to work effectively across organizations to serve clients and win business.”
The acquisition bolsters Risk Strategies’ presence in Pennsylvania and its specialty capabilities in the region. In addition to its Pittston, Penn., headquarters, Joyce has locations in Old Forge, Nanticoke and Allentown. The associated firms included in the acquisition, Joyce Jackman Bell and Joyce Haggerty Bell, focus on commercial lines and personal lines, respectively.