Risk Strategies, a leading U.S. specialty insurance brokerage and risk management firm, announced the acquisition of the assets of Zia Insurance Services, Tyra Enterprises Inc., and Capitol Insurance Services Inc., all based in Santa Fe, New Mexico. This move represents a continuing trend of consolidation in the insurance brokerage industry, aimed at strengthening regional presence and broadening service capabilities.

Details of the Acquisition

The three New Mexico-based companies will become part of the Risk Strategies West Region, a division that has seen significant growth over the past few years. Collectively, Zia Insurance Services, Tyra Enterprises Inc., and Capitol Insurance Services Inc. have provided extensive personal and commercial insurance coverage throughout New Mexico for decades. The inclusion of these firms positions Risk Strategies to better serve the unique needs of clients in the Southwest, particularly amid increasingly complex risk landscapes.

Risk Strategies, headquartered in Boston, has rapidly evolved into one of the largest privately held insurance brokerage firms in the United States. The company, consistently ranked as a top 20 brokerage, offers a wide array of risk management solutions, employee benefit programs, and specialized insurance coverages through both organic growth and strategic acquisitions.

Industry Context: A Surge in M&A Activity

The insurance sector continues to experience active mergers and acquisitions (M&A) activity, as regional agencies seek to align with national brokerages to remain competitive in an increasingly complex and regulated environment. According to Reagan Consulting, insurance M&A activity in the second quarter of 2025 rose by 11% over the prior quarter, though it is down 8% for the first half of the year compared to 2024. This dip is attributed to higher interest rates, pressures on deal financing, and increased scrutiny from regulators, yet interest from buyers remains strong due to the sector’s recurring revenue and resilience during economic cycles.

Consolidation allows agencies to gain access to advanced technology platforms, expanded carrier relationships, and broader product suites, which are becoming essential as customer expectations shift to digital-first experiences. Regional operators like those acquired by Risk Strategies often bring deep local market knowledge and client loyalty, providing acquiring firms with a strategic advantage.

About the Acquired Firms

• Zia Insurance Services: A full-service agency offering personal and commercial insurance products, Zia has distinguished itself through its tailored solutions for New Mexico’s diverse client base.
• Tyra Enterprises Inc.: With a focus on both business and individual clients, Tyra Enterprises offers property, casualty, and specialized coverage, leveraging relationships with leading carriers.
• Capitol Insurance Services Inc.: Capitol Insurance has served Santa Fe and surrounding markets for years, focusing on risk mitigation, small business solutions, and personal insurance requirements.

The founders and leadership of all three firms have emphasized the opportunities that come with joining a larger organization, citing enhanced resources, better access to specialized products, and the potential for career growth for their teams. Risk Strategies’ multichannel approach, leveraging expertise in niche verticals—from healthcare and construction to entertainment and cyber risk—will be extended to the expanded New Mexico client base.

Risk Strategies’ Growth Strategy

Risk Strategies has pursued an aggressive expansion plan for over a decade, completing more than 130 acquisitions since 2013. The firm is backed by private equity and focuses on acquiring agencies with strong local reputations and specialized industry know-how. In 2024, Risk Strategies reported revenues exceeding $1.5 billion, with more than 4,500 employees and over 100 offices nationwide.

The company’s model emphasizes the preservation of acquired agencies’ local culture and client relationships, while also providing access to centralized resources, technology, and economies of scale. As the insurance sector faces evolving challenges such as cyber threats, climate-related risks, and changing regulatory regimes, national brokers like Risk Strategies aim to offer comprehensive, forward-looking solutions to both business and personal clients.

Broader M&A Landscape in Insurance

2025 has seen several notable deals in the insurance and brokerage space, including Bridgepoint’s agreement to acquire a majority stake in Germany’s Hanseatic Broking Center and World Insurance Associates’ purchase of Lighthouse Insurance Agency in Louisiana. Other industry giants like Marsh McLennan and Gallagher have also continued their acquisition sprees, reflecting ongoing demand among buyers for scalable, high-quality firms with strong client bases.

Despite occasional slowdowns due to macroeconomic uncertainties, insurance M&A is expected to remain robust. The outlook for the remainder of 2025 is cautiously optimistic, with both buyers and sellers seeking to capitalize on market opportunities, achieve operational efficiencies, and better serve evolving customer needs.

Looking Ahead

The acquisition of Zia Insurance Services, Tyra Enterprises Inc., and Capitol Insurance Services Inc. is expected to have immediate benefits for Risk Strategies, including enhanced expertise in the New Mexico marketplace, a broader customer base, and the ability to offer more specialized products. Clients of the acquired firms can expect continued high-touch service, supplemented by access to a greater range of insurance and risk management solutions.

As the insurance brokerage sector continues to evolve, the pace of consolidation suggests that agencies must be proactive in scaling their operations and investing in technology and talent. Partnerships like those forged by Risk Strategies reflect a broader movement toward integrated services and customer-centric strategies in a rapidly changing risk environment.