National specialty insurance brokerage Risk Strategies announced it has acquired Professional Risk Associates, Inc. (PRA), a Virginia-based specialty healthcare insurance agency focused on medical professional liability.
Founded in 1989 and licensed in 36 states, PRA counts more than 6,000 medical professionals as clients nationwide, with much of its business focused in the mid-Atlantic region.
Though primarily focused on helping physicians manage their medical professional liability risks, the firm also offers regulatory coverage, cyber liability, workers’ compensation, management liability, and business owner’s policies.
Terms of the deal were not disclosed.
With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. The deal enhances the brokerage’s national practice that is focused exclusively on the healthcare industry.
Steve Fargis, executive vice president, Professional Risk Associates, said joining Risk Strategies expands PRA’s current services and allows it to draw on new resources for clients while giving it a national platform.
“As the healthcare market evolves and its risks and liabilities become more complicated, expertise, specialization, and scale are vital to solving client problems,” Fargis said.
Marsh, Berry & Co. was the exclusive financial advisor to Professional Risk Associates.
Risk Strategies has more than 100 offices including Boston, New York City, Chicago, Toronto, Montreal, Grand Cayman, Miami, Atlanta, Dallas, Nashville, Washington D.C., Los Angeles and San Francisco.
Topics Mergers & Acquisitions Virginia
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