Oswald Companies and RCM&D have signed a definitive agreement to strategically merge and launch Unison Risk Advisors.
The transaction is expected to close on or before Dec. 31, 2020. Both firms will maintain independent brands, operations and management, while merging under the umbrella of Unison Risk Advisors, dba of The JBO Holding Company, to expand service capabilities and specialty practice areas.
Cleveland, Ohio-based Oswald Companies, founded in 1893, is an independent, employee-owned firm and the 39th largest U.S. brokerage firm according to the 2020 Business Insurance "Top 100 Largest Brokers of U.S. Business" survey that is based on 2019 brokerage revenue.
Independent and privately held, RCM&D was founded in 1885, and combined with its subsidiary, RCM&D Self-Insured Services Company (SISCO), ranks as the nation's 69th largest insurance brokerage in the same survey.
With the merger, Unison Risk Advisors will be 100 percent employee-owned and will rank among the 30 largest brokerage firms. It will feature a combined workforce of more than 650 employee-owners in 12 office locations throughout the Mid-Atlantic and Midwest.
"This strategic alignment of our like-minded firms is the first step in our partnership and strategic growth plan, through the value-added advancements of an expanded geographic footprint, specialty practices areas, expertise and firm perpetuation," said Robert J. Klonk, Chairman and Chief Executive Officer, Oswald Companies. "This merger represents the continued strengthening of our platform for the next generation of employee-owners."
Klonk added, "We remain committed to our client relationships, and will continue to invest in talent, and seek opportunities, which align with our strategic goals and corporate values under the newly created Unison Risk Advisors."
"Professional services and advisory businesses require thoughtful strategic growth that allow for continuous enhancement of client resources and opportunities for staff," said Bob Cawley, President and Chief Executive Officer, RCM&D. "This merger, and the development of Unison Risk Advisors, builds on the legacy of our firms' strong independent and complementary cultures while coming together in a model of employee ownership. We fundamentally believe that clients are best served in such environments."
Albert "Skip" Counselman, Chairman of RCM&D, added, "With this combination, both firms are forming a shared vision of the future built on the foundation of each firm's long and storied history of service to clients dating back more than a century. Together, we see a bright future ahead for clients and staff."
Oswald and RCM&D serve clients in the core service areas of employee benefits and health insurance, risk management, commercial property and casualty insurance, personal and life insurance, and retirement plan services. Together, the firms see future expansion opportunities through the strategic and geographic growth of each firm's nationally recognized specialty practices.
Additionally, Unison Risk Advisors is positioned to welcome similarly cultured firms and people who share the belief that clients are best served by independent, professionally managed and well-resourced firms.
Klonk and Cawley are both active leaders of Assurex Global, the world's largest partnership of insurance agents and brokers, and the Council of Insurance Agents and Brokers (CIAB), the world's foremost advocacy organization for top regional, national and international brokerages.
Jim Hackbarth, Chief Executive Officer of Assurex Global, commented, "We are excited to see two of our leading, long-standing partners come together in a way that protects and enhances their independence and private ownership, both critical elements in the support of client service and staff opportunities. We look forward to our continued work with Unison Risk Advisors."
Reagan Consulting has worked with both firms for many years and was retained to assist with the structuring, integration and strategic direction of the merged company. Bobby Reagan, Chief Executive Officer of Reagan Consulting, states, "Both of these firms bring to the merger a proud heritage, outstanding employees, a wide variety of capabilities and expertise, strong sales and service cultures, and outstanding, forward-thinking leadership. Together, they will be a force to be reckoned with."
About Oswald Companies:
Founded in 1893, Cleveland-based and employee-owned, Oswald is one of the nation's largest independent insurance brokerage firms. As a proud Partner of Assurex Global, the world's largest association of privately held insurance brokers, our risk management professionals service and support the needs of our clients worldwide. Learn more at www.OswaldCompanies.com.
About RCM&D:
RCM&D, headquartered in Towson, MD, is ranked among the top independent insurance advisory firms in the United States. Our specialized teams provide strategic solutions and consulting for risk management, insurance and employee benefits. Leveraging more than 130 years of experience and strong local, national and global reach, we partner with organizations to meet all of their business objectives. www.rcmd.com.
