Full-service retail insurance broker McGriff has announced that it has acquired Alternative Risk Resources (ARR), as it looks to expand its presence in the captive insurance market.
McGriff secured the acquisition of the Wisconsin-based commercial brokerage firm due to its specialist knowledge across the captive insurance industry, and is now set to bolster its operations in the midwest, representing the businesses first venture into state.
Read Davis, CEO of McGriff’s Specialty and Middle Market business, commented, ”We have long admired and respected the ARR insurance team and its decades of experience in providing alternative risk solutions to their clients.
“This acquisition complements McGriff’s existing capabilities in the captive insurance arena as we expand our geography in the Midwest region.”
As part of the deal, ARR be transition into McGriff’s existing brand over the next six months. The terms of the agreement are also set to remain undisclosed.
Sean Doyle, ARR partner, also added, “For the past 25 years, ARR has empowered businesses to control their insurance costs and develop organisational cultures that exemplify the industry-best in safety and loss prevention practices.
“We now look forward to growing our business while further enhancing services to our clients as we work alongside McGriff’s dedicated captive insurance team.”
Mike Wosick, ARR partner, concluded, “Sean and I are excited to join a quality organisation like McGriff. Their 25-plus years of dedication to the alternative marketplace is unparalleled. We look forward to growing our captive programs along with the experts from McGriff.”
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