Risk Strategies takes off for a New Jersey company
National specialist insurance brokerage Risk Strategies has announced the acquisition of KRA Insurance Agency, a full-service brokerage firm. KRA’s wholly owned subsidiary, KRA Life Agency, was included in the deal. Terms of the transaction were not disclosed.
Based in Springfield, New Jersey, KRA serves a wide range of industries, with specialization in the professional liability, construction, real estate, hospitality, nonprofit and wealthy businesses. The company’s product lines include business, personal, employee benefits and life insurance.
“Risk Strategies is experiencing tremendous growth in New Jersey,” said John Scroope, national director of retail operations for Risk Strategies. “The KRA team has the expertise and commitment to excellence that complement our culture and fuel our specialized approach to risk in niche segments. “
KRA insurance agency was founded in 1950 under the name Kalem agency. In 1970, Michael Rekoon joined the agency, becoming a partner in 1972. In 1985, the agency was renamed KRA Insurance Agency and KRA Life Agency.
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“We’ve built our business by creating innovative solutions to tackle the toughest risk management challenges,” said Michele Williams, CEO of KRA. “By joining Risk Strategies, we can maintain this local presence and now have the ability to further expand the products and services we can offer to our clients. “
KRA is the second acquisition of New Jersey-based Risk Strategies in the fourth quarter. In October, the company acquired Corrigan Johnston Risk Advisors, an all-line brokerage firm focused on transportation-related industries.