National specialty insurance brokerage and risk management firm Risk Strategies has announced that it has acquired Statewide Condominium Insurance.
The terms of the deal were not disclosed.
Founded in 1996 and based in Vero Beach, FL, Statewide is a retail broker specializing in the condominium and apartment complex risk sectors. It provides risk management and insurance solutions to condo operators and homeowners associations throughout Florida. Coverages the company offers include property, wind, flood, general liability, professional liability, and umbrella.
“Complex risks and difficult markets require specialty expertise,” said Risk Strategies Atlantic region leader Scott Popilek. “It’s why Risk Strategies has flourished and why Statewide is such a great addition to our capabilities in Florida. We’re excited to add this team’s expertise.”
A release noted that Statewide comprehensive insurance requirements for community associations and the second-largest number of community associations in the country – two things that make its acquisition by Risk Strategies a “strong growth opportunity,” as the latter continues to grow out its capabilities for clients.
“As a highly specialized firm, we wanted to find the right partner to grow our business and expand the ways in which we could help our clients manage their risks,” said Statewide Condominium Insurance CEO Jerry Wahl. “Risk Strategies specialty focus meant our people could continue doing what they do best, while gaining access to deep expertise in complementary areas of risk management.”
Last week, Risk Strategies announced that it launched the new Risk Strategies Consulting, a national consulting and actuarial services business. The new business incorporates expertise and offerings from acquisitions the company made over the past five years.