McGriff buys Wisconsin-based captive specialist

McGriff Insurance Services LLC said Tuesday it has acquired Alternative Risk Resources LLC, a Delafield, Wisconsin-based commercial brokerage that specializes in captive insurance.

Terms of the transaction were not disclosed.

The deal complements McGriff’s existing captive business and expands its operations in the Midwest, Read Davis, CEO of McGriff’s specialty and middle market business, said in a statement.

Alternative Risk Resources will transition to the McGriff brand over the next six months.

McGriff is a subsidiary of Truist Insurance Holdings LLC, the fifth-largest broker of U.S. business, according to the most recent Business Insurance ranking, and a subsidiary of Truist Financial Corp.