M&A activity in the Bay Area bubbled up this week with the acquisition of one Bay Area-based insurer by another with a major presence there.
Risk Strategies Inc., a Boston-based insurer, acquired MacCorkle Insurance Services, a full service employee benefits and property/casualty insurance brokerage and consulting firm headquartered in Burlingame, California.
Risk Strategies has operations in San Mateo, and, in a release, said the deal "brings increased expertise and scale to Risk Strategies' growing employee benefits, private client personal lines, and property/casualty capabilities."
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MacCorkle will be folded into Risk Strategies' San Mateo operation, bringing the number of staff to more than 100 in the region. The merger will "offer a more robust and broader array of risk and insurance solutions for the clients of both firms," the release said.
MacCorkle's CEO, Bernard Lauper, and Principal Keith Fujishige will remain with the combined firm. The terms of the deal were not disclosed.
"The merger of these two significant operations creates a real powerhouse in the Bay Area," said John O'Neill, senior managing director at Risk Strategies Company in San Mateo. "Our private client, employee benefits' and P&C capabilities will now be more robust and offer a wider array of expertise in these areas."
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
