Risk Theory, a specialty insurance platform based in Dallas, USA, has acquired Round Hill Express, a managing general agent (MGA) specializing in commercial residential property insurance in New York City.
The deal is Risk Theory’s first MGA acquisition and forms part of its broader strategy to expand into specialty insurance markets.
Policies offered through Round Hill Express will now be backed by Amherst Specialty Insurance Company, an excess lines carrier with associated risk theory.
Amherst Specialty Insurance recently added Jet Insurance Company, now Amherst National Insurance Company, to its carrier platform.
Round Hill Express uses an online portal to distribute package policies that cover property and general liability for small residential buildings, including landlord-tenant, owner-occupied and mixed-use properties.
The company’s operations include underwriting, policy issuance, loss control and claims management.
Round Hill Express was created to address the challenges of insuring residential properties in New York City.
Jim Lambert, founder of Round Hill Express, said: “Partnering with Risk Theory allows us to build on the strong foundation we have built with our broker partners.
“This transaction supports the long-term stability of the platform and positions us to continue to invest in underwriting capabilities and broker support.”
After the acquisition, Randall Express will retain its brand and continue to serve the New York metropolitan market.
Risk Theory indicated that the acquisition would inform its future approach to growth through other acquisitions in the specialty property, casualty and professional insurance sectors.
Brian Wilburn, CEO and President of Risk Theory, commented: “The acquisition of Ravenhill Express is the first proof point of our M&A (mergers and acquisitions) strategy, and we are excited to welcome Jim and his team to the Risk Theory family.
“Jim has truly made a difference in one of the most demanding insurance markets in the country, and it’s personally important to me that the legacy he created continues to grow on our platform. This is the kind of founder-built business we want to partner with.”
Founded in 2013, Risk Theory operates 15 unique programs under seven brands. Its network includes more than 2,000 manufacturers in the United States.
The company has traditionally focused on building new underwriting businesses internally and is now expanding its activity into acquisitions.
“Risk Theory Takes the Rounddale Express” was originally developed and published by Life Insurance International, a brand owned by Global Data.
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