January 26, 2024 by matray

Risk Strategies, a national specialty insurance brokerage and risk management firm, announced it has acquired Professional Risk Associates, Inc. (PRA), a Virginia-based specialty healthcare insurance agency helping medical professionals manage a range of risks and liabilities. Terms of the deal were not disclosed.

Founded in 1989 and licensed in 36 states, PRA counts over 6,000 medical professionals as clients nationwide, with much of its business focused in the mid-Atlantic region. Primarily focused on helping physicians manage their medical professional liability risks, the firm also offers clients specialized help with many of the exposures present in a modern medical practice, including government regulatory coverage, cyber liability, workers compensation, management liability and business owner’s policies.

“True specialty expertise is critical when working with physicians and addressing the unique risks they face,” said Chris Zuccarini, medical malpractice leader, National Healthcare Practice, Risk Strategies. “PRA’s experience and focus on the physician business makes them a perfect fit for our organization. We are extremely excited to welcome the team at PRA to our National Healthcare Practice and the Risk Strategies family.”

The Risk Strategies National Healthcare Practice focuses exclusively on the healthcare industry. With more than 30 years of experience in healthcare risk and liability and a reputation for innovation, Risk Strategies believes PRA fits perfectly with its commitment to specialization.

“As the healthcare market evolves and its risks and liabilities become more complicated, expertise, specialization, and scale are vital to solving client problems,” said Steve Fargis, PRA executive vice president. “Joining Risk Strategies, a true specialty broker, expands our current services and allows us to draw on new resources for our clients while giving our business a national platform.”