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Delve into captive insurance governance matters including board attributes, board structure, and board accountability. With 30 years of insurance experience from the auditing, regulatory, and management side, Derick White, managing director of corporate governance and regulation for Strategic Risk Solutions, offers key insights into captive board governance.

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Risk Strategies Fortifies Captive Expertise with RMA Acquisition

Acquisition
September 05, 2019

Boston-based insurance brokerage and risk management firm Risk Strategies has acquired Long Beach, California–based Risk Management Advisors (RMA). RMA develops, designs, and administers captive insurance programs and self-insured plans.

RMA serves a range of industries including but not limited to manufacturing, trucking, and contractors as well as auto finance, staffing, restaurant groups, and commercial property owners.

"Constructing a compliant captive insurance program and operating it for maximum effect is not a sideline task, it requires focus," said R. Wesley Sierk, III, president and cofounder of RMA. "Risk Strategies understands that specialty focus is what brings clients real value."

Under the leadership of its founding principals, Mr. Sierk, Jarid Beck, and Max Jong, RMA has helped clients in the creation and administration of captive insurance programs, as well as in developing programs for the self-funding of benefits and workers compensation insurance.

"Today's dynamic business environment and shifting markets have fostered a strong interest in creative risk financing approaches," said Mike Christian, founder and CEO, Risk Strategies. "We're excited to bring aboard the RMA team and their deep expertise in alternative risk."

The acquisition of RMA strengthens the firm's portfolio of alternative specialty capabilities. In July of 2018, Risk Strategies announced it had acquired Sparks, Maryland–based Oxford Risk Management Group, whose captive expertise built on Risk Strategies' focus on offering clients alternative risk funding methods.

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