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Insurance wholesaler buys risk management company

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Insurance wholesaler buys risk management company

CMS LLC bought New York-based wholesaler and risk managementcompany Diversified Professional Risk Managers, the Insurance Journal reported May 10.

Terms of the deal were not disclosed.

Diversified Professional Risk Managers' Rockville Centre, N.Y.,office will close. Its five employees will become part of CMS, working at the insurancewholesaler's Melville, N.Y., office.

In addition, CMS will roll out a new division called CMS ManagementSolutions. It will offer brokerage, consulting and risk management services forthe commercial, financial and health care industries.

Diversified Professional Risk Managers Principal Keith Basilewill join CMS as managing director. He will head the new division.