BOSTON–Risk Strategies, a leading international specialty insurance brokerage and risk management firm, today announced that it has acquired Hugh Wood Inc. (U.S.) and Hugh Wood Canada Limited, the U.S. 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 with a focus on real estate, marine, ports, metals, fine art, international, and Japanese global clients. Hugh Wood Canada Limited is based in Toronto, Ontario and is a niche specialty broker focused on complex commercial lines placements and personal asset protection throughout the country.
“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,” said John Mina, Global CEO, Accession Risk Management Group, parent brand of Risk Strategies and One80 Intermediaries. “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.”
The 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. TAG Financial Institutions Group, LLC acted as sell-side advisor to HWI B.V.
“The entire HWI B.V. board have been unanimous in their support of this deal,” said David Nelson, Chairman, H.W. International B.V. 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.”
“We care greatly about the future of our clients and our people,” said Simon de Burgh Codrington, Vice Chairman, Hugh Wood Inc/Joint Group CEO. “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.”
Hugh Wood Inc. expands Risk Strategies Marine Practice expertise in the commercial marine space, including significant capabilities in developing insurance solutions for global cargo transit and inventory risks, blue & brown water marine hull, liability coverage for vessel owners, and marine liabilities for those clients involved within the marine industry.
Hugh Wood Inc. also brings specialty expertise to the Risk Strategies Fine Art Practice in a variety of collectibles, including coins and stamps, for a wide range of clients from commercial dealers to private collectors. The Canadian retail operation adds specialty expertise in several industry and commercial and private lines coverages.
Like Risk Strategies, Hugh Wood Inc. and Hugh Wood Canada Limited emphasize deep expertise combined with high-quality service. Its practitioners have built a strong reputation as subject matter experts through years of specialized focus that ensures clients receive a deep understanding of industry intricacies, trends, and emerging risk categories. The Hugh Wood North American businesses operate with dedicated client-facing service teams who prioritize personal care, with global access to coverage.
Source: Risk Strategies
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