Independent re/insurance brokerage and risk advisory firms, Oswald Companies and RCM&D, have agreed to strategically merge and launch Unison Risk Advisors.
Both firms plan to maintain their independent brands, operations and management, while merging under the umbrella of Unison Risk Advisors, dba of JBO Holding Company, to expand service capabilities and specialty practice areas.
The transaction is expected to close on or before Dec 31st.
Oswald Companies is an independent, employee-owned firm and the 39th largest U.S. brokerage firm according to the 2020 Business Insurance “Top 100 Largest Brokers of U.S. Business” survey that is based on 2019 brokerage revenue.
Independent and privately held, RCM&D was founded in 1885, and combined with its subsidiary, RCM&D Self-Insured Services Company (SISCO), ranks as the nation’s 69th largest insurance brokerage in the same survey.
The merger will result in Unison Risk Advisors being 100% employee-owned, whilst ranking among the 30 largest brokerage firms. It will feature a combined workforce of more than 650 employee-owners in 12 office locations throughout the Mid-Atlantic and Midwest.
Robert J. Klonk, Chairman and Chief Executive Officer, Oswald Companies said: “This strategic alignment of our like-minded firms is the first step in our partnership and strategic growth plan, through the value-added advancements of an expanded geographic footprint, specialty practices areas, expertise and firm perpetuation.
“This merger represents the continued strengthening of our platform for the next generation of employee-owners. We remain committed to our client relationships, and will continue to invest in talent, and seek opportunities, which align with our strategic goals and corporate values under the newly created Unison Risk Advisors.”
Bob Cawley, President and Chief Executive Officer, RCM&D said: “Professional services and advisory businesses require thoughtful strategic growth that allow for continuous enhancement of client resources and opportunities for staff.
This merger, and the development of Unison Risk Advisors, builds on the legacy of our firms’ strong independent and complementary cultures while coming together in a model of employee ownership. We fundamentally believe that clients are best served in such environments.”
Albert Counselman, Chairman of RCM&D, added: “With this combination, both firms are forming a shared vision of the future built on the foundation of each firm’s long and storied history of service to clients dating back more than a century. Together, we see a bright future ahead for clients and staff.”
Klonk and Cawley are both active leaders of Assurex Global and the Council of Insurance Agents and Brokers (CIAB) where this merger has been welcomed.
Jim Hackbarth, Chief Executive Officer of Assurex Global, commented: “We are excited to see two of our leading, long-standing partners come together in a way that protects and enhances their independence and private ownership, both critical elements in the support of client service and staff opportunities. We look forward to our continued work with Unison Risk Advisors.”
