Independent broker Oswald Cos. And Riggs, Counselman, Michaels & Downes Inc. have agreed to merge, the companies announced on Tuesday.
The deal will create a company with nearly $ 150 million in annual brokerage revenue.
The terms of the merger were not disclosed. The transaction is expected to end on December 31 or before, the companies say in a statement.
Cleveland-based Oswald, the 39th largest brokerage firm in the United States, according to Business Insurance latest ranking, and Baltimore-based RCM & D, the 69th largest, will maintain their brands and operate under the umbrella of the holding company Unison Risk Advisors, the statement says.
The combined brokerage firms will be owned by employees and have more than 650 employees in 1
Oswald reported brokerage revenues of $ 94.5 million in 2019. About 35% of its business is commercial retail, about 58% is employee benefits and 5% personal lines.
RCM & D reported $ 47.2 million in brokerage revenue last year. About 65% of its business is commercial retail, about 14% employee benefits and about 3% personal lines.
Both companies are members of the Assurex Global brokerage network.