Risk Theory Acquires NYC Specialist in Major Strategic M&A Push

DALLAS, TX – March 10, 2026 – Dallas-based Risk Theory, a vertically integrated specialty insurance platform, has officially entered the mergers and acquisitions arena with its purchase of Roundhill Express, a managing general agent (MGA) specializing in New York City's notoriously difficult commercial habitational property market.

The transaction, announced today, marks Risk Theory's first-ever MGA acquisition and signals a significant strategic pivot for the company. While Risk Theory has successfully built a national presence through organic program development since its 2013 founding, this move inaugurates a disciplined “buy-and-build” strategy aimed at high-barrier specialty insurance markets. Policies underwritten by Roundhill Express will now be backed by the stable capacity of Amherst Specialty Insurance Company, Risk Theory’s affiliated A.M. Best A- rated surplus lines carrier.

A Strategic Pivot to Inorganic Growth

For nearly a decade, Risk Theory’s growth has been driven from the ground up. The company meticulously originated 15 distinct specialty programs across seven brands, cultivating a distribution network that now includes over 2,000 producers nationwide. This acquisition extends that same discipline into inorganic growth, leveraging its established infrastructure to acquire and scale specialized, founder-led businesses.

The move is a calculated execution of a long-term vision. Bryan Wilburn, Chairman and CEO of Risk Theory, framed the acquisition as the first major proof point of the company's M&A ambitions.

"Risk Theory is built around a simple thesis: identify markets where expertise and discipline are scarce, build the best underwriting platform in that segment, and scale it with the right infrastructure," said Wilburn. "The acquisition of Roundhill Express is the first proof point of our M&A strategy, and we are excited to welcome Jim and his team into the Risk Theory family. Jim has built something genuinely differentiated in one of the most demanding insurance markets in the country, and it matters to me personally that the legacy he has created continues to grow within our platform. This is the kind of founder-built business we want to partner with."

This approach signals a clear intent to consolidate expertise in niche markets where larger, more generalized carriers often struggle to compete effectively. By acquiring proven specialists, Risk Theory aims to accelerate its expansion while preserving the underwriting-first philosophy that has defined its organic growth.

Tackling New York's Notoriously Difficult Property Market

The choice of Roundhill Express as a first acquisition is particularly telling. The New York City commercial habitational market is widely regarded as one of the most complex and supply-constrained insurance segments in the United States. Property owners face a perfect storm of soaring insurance premiums, an aging building stock, and increased risks from severe weather events. For multifamily properties, premiums have reportedly doubled over the past decade.

This financial pressure is compounded by a stringent regulatory environment. New York's Housing Stability & Tenant Protection Act of 2019, for example, caps the ability of landlords in rent-regulated buildings to pass on escalating operational costs, including insurance. This mismatch has created immense financial strain, leading many admitted insurance carriers to reduce their exposure or exit the market entirely, leaving property owners with few, often prohibitively expensive, options.

It is precisely this market dislocation that created an opportunity for a specialist like Roundhill Express. The MGA carved out a defensible niche by focusing on one- to ten-unit dwellings—including landlord-tenant, owner-occupied, and mixed-use properties—that were increasingly underserved. By developing deep underwriting expertise in these specific risk classes, Roundhill provided a crucial lifeline for brokers and their clients navigating the hard market. The acquisition by Risk Theory is poised to bring much-needed stability and capacity to this volatile segment.

The Power of Vertical Integration and Technology

Underpinning Risk Theory's entire strategy is its vertically integrated structure, which provides a powerful competitive advantage. The platform has sole access to its affiliated surplus lines carrier, Amherst Specialty Insurance Company. This direct ownership gives Risk Theory unparalleled control over underwriting appetite, capacity deployment, and long-term economics—a crucial asset when entering volatile markets.

This carrier platform was recently strengthened by the acquisition and conversion of Jet Insurance Company, now operating as Amherst National Insurance Company. This growing carrier infrastructure ensures that acquired entities like Roundhill Express have a stable, long-term home for their policies, insulating them from the cyclical capacity crunches of the broader reinsurance market. The platform is further enhanced by a proprietary claims management system, enabling tighter feedback loops between loss experience and underwriting decisions.

Roundhill Express brings its own technological strengths to the partnership. The company operates exclusively through a proprietary online portal that integrates underwriting, policy issuance, loss control, and claims administration. This tech-enabled model drives efficiency and provides a streamlined experience for its broker partners. The combination of Roundhill's niche expertise and digital platform with Risk Theory's integrated capacity creates a formidable model for modern specialty underwriting.

Jim Lambert, Founder of Roundhill Express, highlighted the strategic benefits of the deal. "Partnering with Risk Theory allows us to build on the strong foundation we have established with our broker partners," he stated. "This transaction supports the long-term stability of the platform and positions us to continue investing in underwriting capabilities and broker support."

A Blueprint for Future Consolidation

This acquisition is more than a single transaction; it establishes a clear template for Risk Theory’s future. The company is actively evaluating additional opportunities across specialty property, casualty, and professional lines where deep underwriting expertise creates a durable competitive advantage.

This strategy aligns with a powerful trend sweeping the insurance industry. M&A activity in the specialty sector is accelerating, with private equity and strategic buyers alike targeting MGAs for their agility, niche focus, and high margins. In 2023 alone, the U.S. MGA market exceeded $102 billion in direct premiums written, growing faster than the overall property and casualty market.

By formalizing its “buy-and-build” strategy, Risk Theory is positioning itself as a premier consolidator and long-term partner for high-performing, founder-led MGAs. The successful integration of Roundhill Express will serve as a powerful case study, demonstrating how specialized expertise, technology, and vertically integrated capacity can be combined to build leadership positions in the most challenging corners of the insurance world.