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.