Gerard B. Tracy Associates, a privately owned insurance brokerage and advisory firm in Fairfield, has been acquired by Boston insurance brokerage and risk management company Risk Strategies for an undisclosed amount.
Founded in 1948 by Gerard Tracy, the Fairfield company’s services cover employee benefits, individual insurance and property and casualty. In addition to developing benefit programs for higher education and other types of educational institutions, Tracy Associates’ clients include a number of general and nonprofit organizations, largely in the Northeast.
Gerard’s son Tim Tracy Sr. is its CEO; his children, Sheena and Tim Tracy Jr., are also on staff.
Risk Strategies is focused on employee health and welfare program challenges, as well as on firms specializing in alternative financing, including self-funding, and the formation and management of captives. The company has expanded its benefits reach with the acquisition of service businesses, including an actuarial firm and a health care claims auditing organization.
“Joining a true specialty brokerage firm like Risk Strategies is a perfect way to connect our clients with additional resources, while opening new paths to grow our business,” Tracy Associates Vice President Tim Tracy Jr. said.
“Risk Strategies was founded on the belief that specialization and expertise are required to win and keep business, because clients are facing complex, costly challenges,” said John Greenbaum, Risk Strategies’ national employee benefits practice leader. “Gerard B. Tracy Associates has endured and thrived, because they can deliver that type of expertise. It’s a great fit.”