Dec 31, 2007 – Swett & Crawford acquires Risk Reducers LLC

Swett & Crawford acquires Risk Reducers, LLC
ATLANTA, Jan. 2 /PRNewswire/ — The Swett & Crawford Group, Inc., a leading
wholesale insurance intermediary, announced today that it has acquired Risk Reducers,
LLC, a wholesale insurance broker specializing in workers’ compensation.
Based in Little Rock, Arkansas, Risk Reducers is a leading wholesale brokerage firm
that writes workers’ compensation and specialized property and casualty insurance for
the transportation, manufacturing and contractor segments in the Midwest and
Southeast. In addition to workers’ compensation, the company has built a growing
specialty in commercial auto and occupational accident insurance products.
J. Neal Abernathy, President and Chief Executive Officer of Swett & Crawford, said
“Risk Reducers has earned an outstanding reputation in the industry, and we believe it
will be an excellent fit with our existing products and capabilities. Since 1993, Risk
Reducers has built strong relationships with carriers and retail agents, and we believe
we can help expand on those relationships and accelerate growth.”
M. Keith Kimbro, Chief Executive Officer and co-founder of Risk Reducers, agreed by
noting that “Swett & Crawford will be an outstanding partner for Risk Reducers.
Swett’s national network of retail agents and high-quality employee base of brokers
and underwriters will give us the distribution we need to further develop our workers’
compensation platform. Additionally, Swett’s broad carrier relationships and product
offerings will enable Risk Reducers to instantly provide more options to our existing
agent base without compromising our service. We are thrilled to join the Swett &
Crawford team and are excited for the growth that the combination will bring to both
companies.”
Kyle Chapman, Director of Business Development for Swett & Crawford said, “Our
acquisition of Risk Reducers is consistent with our strategy to bring more product
offerings to our existing clients. With Risk Reducers, we have ramped up our presence
in the workers’ compensation field, and we will leverage its service-oriented culture to
provide workers’ compensation insurance products more effectively on a national
basis.”
The transaction was completed on December 31, 2007. Risk Reducers will operate as
“Risk Reducers, a division of Swett & Crawford.”
About Risk Reducers
Based in Little Rock, Arkansas, Risk Reducers is a wholesale broker of monoline
workers’ compensation and related property and casualty products. Its 43 professionals
enjoy a working relationship with over 1,500 retail independent and captive agencies.
About Swett & Crawford
Swett & Crawford, headquartered in Atlanta, Georgia, is the nation’s oldest
independent wholesale insurance intermediary. The company is owned by its
employees and two private equity firms, HM Capital Partners and Banc of America
Capital Investors.
For over 93 years, Swett & Crawford has delivered exceptional expertise and service
to the commercial insurance marketplace. Swett has been the leading intermediary of
its type in the United States for decades and has been voted “Best Wholesaler” by
readers of the influential Business Insurance magazine for the last three years.
Mystic Capital Advisors Group, LLC provided transaction advisory services to Swett &
Crawford.
# # #