U.S. Risk is acquiring Unisource Program Administrators

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U.S. Risk, a national specialty lines underwriting manager and wholesale broker, acquired Sarasota, Fla.-based Unisource Program Administrators, a national workers’ compensation wholesaler.

Financial terms of the deal were not disclosed.

U.S. Risk, a privately owned firm based in Dallas, Texas, said the acquisition doubles the size of U.S. Risk’s workers’ compensation written premium and adds four national carriers to its lineup of workers’ compensation markets.

The acquisition also allows U.S Risk to offer nationally stand-alone monoline workers’ compensation solutions to most industries, the company said in a statement.

“The acquisition of Unisource represents not only the addition of new workers’ compensation markets and years of expertise, but more importantly the immediate opportunity to offer the diversity of U.S. Risk’s product portfolio to the Florida and South East markets,” U.S. Risk CEO Randall Goss said in a statement. “This is a strategic acquisition to enhance our product offerings and expand the production footprint of U.S. Risk.”

One of the largest wholesalers for workers’ compensation, with offices in Florida and Georgia, Unisource provides workers’ compensation products and services to small, middle and large businesses through its network of independent agents nationwide.

The specialty workers’ compensation office in Sarasota will continue to operate as Unisource Program Administrators. U.S. Risk will gain the ability to offer additional workers’ compensation markets to its network of 4,000 retail producers. Unisource’s existing distribution network of 1,900 retail producers will benefit from access to the U.S. Risk product portfolio which offers all forms of property, casualty, automobile, umbrella, professional, and risk management products and services, the company said.

U.S. Risk Insurance Group is an insurance holding company operating as a specialty lines underwriting manager and wholesale broker. Operating 11 domestic and international branches, it offers a broad range of products and services through its affiliate companies, which include U.S. Risk Underwriters, U.S. Risk Brokers, Lighthouse Underwriters, Professional Claims Managers, Omnisure Consulting Group, NCG Professional Risks Ltd. (London), GossRe. (reinsurance brokers), and NovaPro Risk Solutions (a claims TPA).

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