Risk Strategies buys retail broker in ‘complex risks & difficult markets’ space

US specialty insurance brokerage and risk management firm Risk Strategies has acquired a Florida-based “highly specialised” retail broker focused on complex risks and difficult markets sector.

The company has bought Statewide Condominium Insurance, which operates in the condominium and apartment complex risk sectors.

Based in Vero Beach, Florida, Statewide is a specialist focused on serving the risk management and insurance needs of condominium operators and home-owners associations (HOAs) throughout the state. Founded in 1996, the company provides property, wind, flood, general liability, professional liability, and umbrella coverages to clients.

The deal builds on recent acquisitions made by Risk Strategies in the State of firms specialising in personal lines and private client services, with Statewide’s client base offering an opportunity to increase overall scope of engagement with complementary products and services.

“Complex risks and difficult markets require specialty expertise,” said Scott Popilek, Risk Strategies Atlantic region leader. “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.”

Jerry Wahl, CEO of Statewide Condominium Insurance, said: “As a highly specialised 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. 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.”

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