Relation Insurance Services has acquired the assets of Wright Insurance Planning, a St. Louis, Missouri firm specializing in life insurance and long-term care planning. The deal took effect on October 1, and terms were not disclosed.
Wright advises individuals, families, estates and businesses on life insurance and long-term care. It also provides disability insurance, estate analysis, premium financing, buy-sell funding, key-person cover, executive benefits and charitable planning.
“Joining Relation gives us an opportunity to continue doing what we do best while giving our clients access to the broader resources and capabilities of a national organization,” said Chris Wright, the firm’s president.
Tim Hall, Relation’s chief executive, said Wright’s focus on planning, personal service and lasting client relationships was a natural fit for Relation.
Wright’s services fall into what the industry often calls advanced markets: life insurance used for estate planning, business succession and executive compensation, rather than simply income replacement. These cases usually involve larger policies, coordination with attorneys and accountants, and specialist knowledge of underwriting and policy design.
For a broker such as Relation, which serves commercial, personal and benefits clients, that expertise creates opportunities to cross-sell. Business owners who buy commercial cover often need buy-sell funding and key-person protection, and high-net-worth clients may need estate planning cover alongside their personal lines.
Long-term care planning is a particularly specialist part of Wright’s business. The traditional standalone long-term care market has shrunk sharply over the past two decades, after many insurers left the market and existing policyholders faced large rate increases. Much of the market has shifted to hybrid products that combine life insurance or annuities with long-term care benefits.
Advisors with experience in those products are relatively scarce. Bringing that expertise in-house can help a broker serve clients who are planning for care costs in retirement.
For independent agencies, the deal reflects a broader trend among acquisitive brokers: buying specialist life and wealth practices to deepen relationships with business owners and wealthy clients. A client who relies on a broker for property and casualty, benefits and life planning is much harder for a competitor to win away.
For smaller life and long-term care specialists, the deal shows the value of their niche to larger platforms. Many such firms are run by a small number of senior advisors, so joining a larger organization can also help with succession planning.
