Riggs adds 2 brokerage operations Firm gains $6 million in premium income

November 06, 1997|By Bill Atkinson | Bill Atkinson,SUN STAFF

Riggs, Counselman, Michaels & Downes Inc., a Baltimore-based insurance brokerage, said yesterday that it had acquired two Maryland insurance brokerages that will give it $6 million in annual premium income.

Riggs, which is one of the largest insurance brokerages in the mid-Atlantic, acquired Annapolis-based Chesapeake Benefits Organization Inc. and Comprehensive Risk Management Inc. of Timonium.

"The goal is to broaden the scope of services we provide to clients," said Albert R. "Skip" Counselman, Riggs' chief executive. "We are constantly looking at other opportunities."

Chesapeake Benefits, acquired Sept. 1, specializes in providing health care coverage for international travelers visiting the United States. Comprehensive Risk, acquired Oct. 1, brokers insurance coverage for physicians and group practices as well as property and casualty and other insurance for small businesses. Counselman declined to disclose the amounts paid for the two companies.

Riggs is a privately held company with about 180 employees. It specializes in buying insurance and designing insurance and benefits programs for clients that range from wholesalers and manufacturers to Johns Hopkins Hospital and the Baltimore Orioles.

Pub Date: 11/06/97

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