A national insurance broker and risk management firm announced Wednesday that it had acquired Stone Insurance Agency, a Guilford-based insurance agency that specializes in commercial and personal lines.
Risk Strategies, the ninth-largest privately held U.S. brokerage firm, adds Stone Insurance to its existing New England footprint, which includes a regional office in Boston.
Terms of the deal were not disclosed.
Stone Insurance’s commercial clients include an array of industries, including manufacturing, retail and e-commerce, industrial services and property maintenance.
“As we looked for ways to perpetuate and scale our business, we looked for a partner who shared our view of the business and could complement our capabilities,” said Robert Oman, managing partner of Stone Insurance. “Risk Strategies clearly had the resources and capabilities we needed, and also offered a great cultural fit for our people and approach to client service.”
Stone Insurance was founded in 1859. The business’ longevity is “proof of its efficacy,” said Ed Flanagan, Risk Strategies’ New England regional leader.
“I’m excited to welcome their team of professionals to the Risk Strategies family, and to our ever-expanding local presence along the Connecticut shoreline,” Flanagan added.
Risk Strategies also recently acquired Massachusetts-based employee benefits specialist Strategic Benefits Solutions, as well as May, Bonee & Clark Insurance, a Glastonbury-based firm.
