Specialty insurance platform Risk Theory has completed its acquisition of Roundhill Express, a specialized managing general agent (MGA) that underwrites commercial habitational properties throughout New York City.
As Risk Theory’s first MGA acquisition, the company said the transaction represents a significant step forward in its “disciplined buy-and-build strategy across high-barrier specialty insurance markets.” Policies written through the Roundhill Express platform will be supported by Amherst Specialty Insurance Company, Risk Theory’s affiliated surplus lines carrier.
Bryan Wilburn, chairman and CEO of Risk Theory, said that Roundhill Express, founded by Jim Lambert, is “the kind of founder-led business we want to partner with.”
“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,” Wilburn said in a statement. “The acquisition of Roundhill Express is the first proof point of our M&A strategy, and we’re excited to welcome Jim and his team into the Risk Theory family.”
He added, “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.”
Strategies for growth in specialty insurance
Risk Theory is headquartered within the Stanford Corporate Centre building, just west of the Dallas North Tollway in Farmers Branch. Since its founding in 2013, Risk Theory said it has grown its specialty insurance platform through organic program origination, resulting in niche underwriting businesses in markets where specialized expertise and capacity are scarce. The company operates 15 specialty programs across seven different brands, with distribution reach that includes more than 2,000 producers nationwide.
The Roundhill Express acquisition extends this program-building discipline into inorganic growth while maintaining Risk Theory’s underwriting-first philosophy, creating a model for its inorganic growth strategy. The company said it is actively evaluating additional opportunities in specialty property, casualty, and professional lines “where underwriting expertise and differentiated access create durable competitive advantage.”
The platform is unique, Risk Theory said, because of its sole access to Amherst Specialty Insurance Company, an A.M. Best-rated A- VIII affiliated surplus lines carrier that offers direct control over underwriting appetite, capacity deployment, and long-term program economics. Amherst Specialty is supported by a growing carrier platform, including the recent acquisition and conversion of Jet Insurance Company, now operating as Amherst National Insurance Company. Together, these carrier assets strengthen Risk Theory’s stable, aligned capacity across market cycles.
Risk Theory has also built a proprietary claims management infrastructure, allowing real-time loss visibility and better feedback loops between claims experience and underwriting decisions.
Insuring one-to-ten-unit NYC dwellings
Roundhill Express is a technology-enabled MGA with a unique position in New York City’s commercial habitational market—one of the most complex and supply-constrained urban property segments in the U.S. The company distributes solely through a proprietary online portal, offering package policies covering property and general liability for one- to ten-unit dwellings, including landlord-tenant, owner-occupied, and mixed-use properties. Its integrated operating model covers underwriting, policy issuance, loss control, and claims administration.
Founded to address the distinctive challenges of insuring habitational properties in New York City, Roundhill Express specializes in risk classes that have faced increasing underwriting pressure as many admitted carriers have reduced exposure. Following the acquisition, Roundhill Express will continue operating under its established brand and continue to focus on its core specialty in the New York metropolitan area.
“Partnering with Risk Theory allows us to build on the strong foundation we have established with our broker partners,” Lambert said. “This transaction supports the long-term stability of the platform and positions us to continue investing in underwriting capabilities and broker support.”
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.