Risk Strategies Acquires LI Based Pace Professional Services, Ltd.

Risk Strategies, a leading national specialty insurance brokerage and risk management firm, has announced it has acquired Pace Professional Services, Ltd. (Pace), a Long Island-based firm specializing in professional liability coverages with a focus on certified public accountants and law firms. Terms of the deal were not disclosed.

Based in Garden City, NY, Pace was founded in 1992 by Kenneth Gross, its president and owner. The firm’s client base is national with a primary concentration in the Northeast. The acquisition marks the first for Risk Strategies of a firm with a predominant focus on the accounting profession.

“Specialized expertise is vital to ensuring client risks are effectively mitigated,” said Robert Rosenzweig, New York Regional Leader, Risk Strategies. “Ken and his team bring the type of deep, specialized focus that will add significant new industry knowledge to our professional liability practice. I’m excited to have them join the family.

Pace has been the designated Territorial Administrator for the CNA Accountants Professional Liability Insurance program in New York and Connecticut since 1994. This program is exclusively endorsed by the American Institute of Certified Public Accountants (AICPA). In addition, Pace has been endorsed by the Connecticut Society of CPAs (CTCPA) since 1992.

“Specialized expertise and a dedicated staff have built our success,” said Ken Gross, Founder and President, Pace Professional Services, Ltd. “Becoming part of Risk Strategies is a unique opportunity to scale our specialty focus while bringing our clients new resources and more coverages.”

In addition to professional liability insurance, Pace provides Cyber Liability and Employment Practices Liability (EPL) for its clients, including an exclusive EPL policy designed for accounting firms. [IA]