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2023 Annual Report

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We are proud to share our 2023 Annual Report.

We have been fortunate to enjoy many defining years as we’ve led the way in delivering an innovative insurance brokerage model based on a specialist approach to risk management that delivers meaningful value for our clients, team members, partners, and shareholders.

We are pleased to report that 2023 was a significant year, with performance exceeding expectations on nearly every level.

Below are a few key highlights.

(Risk Strategies is a part of Accession Risk Management Group.)

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Accession By the Numbers

$1.5
Billion

On a pro forma basis, revenue was $1.5B, an increase of 25% over 2022. Each of our companies contributed to these strong results — Risk Strategies achieved $1.069B in revenue and One80 Intermediaries earned $422M in revenue.

32
Acquisitions

We had a record year of M&A growth with 32 new acquisitions. These new teams added to our collective success by complementing our capabilities, expanding our footprint, and enhancing our culture.

5,000+ Employees

Our employees are the foundation of our success, and we are now more than 5,000 employees strong. We welcomed more than 1,500 new employees in 2023 – approximately 780 as organic hires and 770 from new acquisitions.

200+
Offices

Headquartered in Boston, MA, we operate across North America with locations in the U.S., Canada, and the Cayman Islands.

$850K Contributed

Collectively, our employees and the Risk Strategies Foundation contributed more than $850K to charitable causes for hurricane relief, food insecurity, health causes, and more.

9th
Largest Broker

We are the 9th largest privately held insurance broker, providing risk management services, retail brokerage, consulting, and captive management solutions.

Additional Highlights for Risk Strategies

Business Results

Risk Strategies placed more than $10.6B of insurance premiums in the marketplace, and our commitment to client retention remains solid at 92% or higher.

Organic growth was strong at 8.3% despite economic headwinds and particularly challenging market conditions in property, auto, real estate, and in catastrophic weather-prone regions such as California, Florida, and Texas.

The majority of Risk Strategies business practices grew to meet or exceed our objectives and several achieved double-digit growth.

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Operational Excellence and the Client Experience

In 2023, we focused on core initiatives to fully enable our sales culture and better serve our clients' needs.

  • Sales Enablement: We furthered our leadership and development efforts with a Broker Academy and the launch of an Insurance Professional Development Program (IPDP). We also initiated a nationwide Accelerate program to provide extensive support for new business.
  • Scaling for Growth, Consistency, and Efficiency: To operationalize our vision, the role of Chief Operating Officers (COOs) was added to all major business segments and fully resourced. We also made advancements through a client segmentation initiative, the launch of regional Select Business Units, and the appointment of new client service leaders.

Industry Recognition

Risk Strategies brand and influence continues to grow in recognition, awareness, and preference.

In 2023, visits to our website doubled, our Google rankings increased nearly 50%, and we achieved nearly 200 million media impressions from more than 225 pieces of news coverage.

In addition, we were named as the 9th Largest Privately Owned Broker and 5th Largest Global Captives Manager. We were also listed as a top 5 broker in several regions by the Business Journal.

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A Note From Our CEO

I’d like to extend a sincere thank you to all employees across the Accession family of companies for your unwavering dedication and contributions to our collective success. Our unifying power is our expertise, collaboration, and a culture that demonstrates caring, respect and appreciation for one another. I am very proud of our 2023 results, and I’m confident and excited about our future together.

Mina_John_2024-2 John Mina Accession Risk Management Group Global CEO

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The contents of this report are for general informational purposes only and Risk Strategies Company makes no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of any information contained herein. Any recommendations contained herein are intended to provide insight based on currently available information for consideration and should be vetted against applicable legal and business needs before application to a specific client.