Risk Theory, a vertically integrated specialty insurance platform, announced that it has completed the acquisition of Roundhill Express, a managing general agent (MGA) focused on underwriting commercial habitational properties throughout New York City. The transaction represents Risk Theory’s first MGA acquisition and marks a significant step in the company’s buy-and-build strategy targeting 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.
Founded in 2013 and headquartered in Dallas, Risk Theory has built a specialty insurance platform primarily through organic program origination. The company creates niche underwriting businesses in markets where specialized expertise and underwriting capacity are limited. Today, the platform operates 15 specialty programs across seven brands and distributes through a network of more than 2,000 producers nationwide.
With the acquisition of Roundhill Express, Risk Theory is expanding its growth strategy to include acquisitions while maintaining its underwriting-focused approach. The company’s platform is differentiated by its sole access to Amherst Specialty Insurance Company, an A.M. Best-rated A- VIII (excellent) surplus lines carrier. This relationship allows Risk Theory to maintain direct control over underwriting appetite, capital deployment, and long-term program economics.
The company has also been expanding its carrier infrastructure. This includes the acquisition and conversion of Jet Insurance Company, which now operates as Amherst National Insurance Company. These carrier assets help provide stable capacity and alignment across market cycles. Risk Theory also operates a proprietary claims management infrastructure designed to provide real-time loss visibility and create tighter feedback loops between claims experience and underwriting decisions.
Roundhill Express operates as a technology-enabled MGA serving New York City’s commercial habitational property market, one of the most complex and capacity-constrained urban property segments in the United States. The company distributes its products exclusively through a proprietary online portal, offering package policies that combine property and general liability coverage for one- to ten-unit dwellings. These policies support a range of property types including landlord-tenant, owner-occupied, and mixed-use buildings.
Its integrated operating model includes underwriting, policy issuance, loss control, and claims administration.
Following the acquisition, Roundhill Express will continue operating under its existing brand while remaining focused on its specialty underwriting segment within the New York metropolitan market. The transaction also establishes a template for Risk Theory’s broader inorganic growth strategy as the company evaluates additional opportunities across specialty property, casualty, and professional lines where underwriting expertise and differentiated market access create competitive advantages.
KEY QUOTES
“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. 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.”
Bryan Wilburn, Chairman And CEO, Risk Theory
“Partnering with Risk Theory allows us to build on the strong foundation we have established with our broker partners. This transaction supports the long-term stability of the platform and positions us to continue investing in underwriting capabilities and broker support.”
Jim Lambert, Founder, Roundhill Express
