Risk Strategies Acquires New Jersey’s KRA Insurance Agency

Risk Strategies, a national specialty insurance brokerage and risk management firm, has acquired full-service brokerage firm KRA Insurance Agency Inc. Included in the transaction is KRA’s wholly owned subsidiary, KRA Life Agency Inc. Terms of the deal were not announced.

Based in Springfield, New Jersey, KRA serves a range of industries and has a specialty focus in professional liability, construction, real estate, hospitality, not-for-profits and the high-net-worth industry segments. Product lines for clients range from commercial to personal as well as employee benefits and life insurance.

KRA Insurance Agency began with the Kalem Agency, which opened in Springfield, New Jersey, in 1950. In 1970, Michael Rekoon joined the agency and became a partner in 1972. In 1985, the agency was renamed to KRA Insurance Agency Inc. and KRA Life Agency.

KRA is the second New Jersey-based acquisition for Risk Strategies in the fourth quarter this year.

Risk Strategies is a specialty national insurance brokerage and risk management firm offering risk management advice and insurance and reinsurance placement for property/casualty, employee benefits and private client risks. With 25 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities and individuals.

Source: Risk Strategies