Reel Media Insurance Services, a part of Paragon Insurance Holdings, has acquired WISE Risk, a wholesaler known for its specialty insurance products for the entertainment industry.
The financial terms of the deal remain undisclosed.
WISE Risk, established in 2020 by Steve Perlini, specialises in insurance coverages such as event cancellation, non-appearance and weather-related policies.
The company’s focus also includes the entertainment, sports and live event industries.
WISE Risk vice-president Lindsey Harris and president Perlini will retain their leadership roles and join Reel Media.
Perlini said: “We are thrilled to join forces with a group that shares our vision and values. Paragon and Reel Media bring scale, resources and a collaborative culture that will help WISE Risk accelerate its next phase of growth.
“With our combined industry expertise, strong carrier relationships and a tailored approach to coverage, this partnership strengthens our ability to serve clients across the entertainment and sports industries.”
The acquisition is expected to enhance Reel Media’s portfolio of offerings in the mentioned sectors.
Reel Media CEO Marc Idelson said: “Bringing Steve and his team onboard creates a powerful combination of expertise between our firms. WISE Risk’s focus on entertainment and contingency lines perfectly complements our existing portfolio.
“Further, this acquisition underscores our commitment to our trading partners across the events, sports and entertainment sectors.”
Reel Media is a managing general agency with a presence in California and Massachusetts in the US, and Toronto, Canada, and specialises in insurance for entertainment, film, leisure, motorsports, sports and television sectors.
“Paragon’s Reel Media buys specialty insurer WISE Risk ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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