Risk Strategies, an international specialty insurance brokerage and risk management firm, has acquired Hugh Wood Inc. (US) and Hugh Wood Canada Limited, the US and Canadian operating entities of global insurance holding company, H.W. International B.V (HWI B.V.).
Terms of the deal were not disclosed.
Based in New York City, Hugh Wood Inc. provides commercial lines, personal lines, and benefits solutions across the United States. The company particularly focuses on real estate, marine, ports, metals, fine art, international, and Japanese global clients.
At the same time, Hugh Wood Canada Limited is based in Toronto, Ontario and is a niche specialty broker with a focus on architect and engineering professionals, personal lines, real estate, and fine art.
According to the announcement, this transaction marks the end of a strategic review, and subsequent sales process, by HWI B.V. of its North American operations, which started in 2021.
Following the sale, HWI B.V. Group will partner with Risk Strategies in North America.
TAG Financial Institutions Group, LLC acted as sell-side advisor to HWI B.V. during the deal.
John Mina, Global CEO, Accession Risk Management Group, parent brand of Risk Strategies and One80 Intermediaries, commented: “We are excited to welcome these Hugh Wood companies into the Risk Strategies family and expand our operations to serve the risk management and insurance needs of clients in Canada. Our goal in acquiring firms is to bring on specialists with a client-first, collaborative approach and the potential to both strengthen and expand our reach and capabilities.”
David Nelson, Chairman, H.W. International B.V, said: “The entire HWI B.V. board have been unanimous in their support of this deal. This is an excellent opportunity for the HWI B.V. Group and the North American teams, and we see Risk Strategies as an ideal partner. The deal will enable the HWI B.V. Group to continue to prosper and work together with a fantastic partner in North America, as well as creating a relationship that is truly additive to all parties. We consider this as a first step towards a wider relationship with Risk Strategies and we can only see benefits to all of the HWI B.V. Group’s firms and their teams.”
Simon de Burgh Codrington, Vice Chairman, Hugh Wood Inc/Joint Group CEO., added: “We care greatly about the future of our clients and our people. We found in Risk Strategies a firm uniquely suited to carry on our traditions while offering new capabilities and options for our clients and people. It’s a best-of-all circumstances arrangement with a great future.”
