Connecticut’s Paragon Insurance Holdings has made a significant move by acquiring WISE Risk, a wholesaler specializing in event-driven and specialty insurance products. This acquisition is part of Paragon’s strategy to enhance its specialty media and contingency platform, Reel Media Insurance Services.
WISE Risk, located in Needham, Massachusetts, focuses on providing insurance solutions for the entertainment, sports, and event production industries. Their offerings include coverage for event cancellations, non-appearances, weather-related issues, sports disabilities, and insurance for film and television productions.
Founded in 2020 by Steve Perlini, who is also the president of WISE Risk, the company has quickly made a name for itself in the industry. Perlini has a strong connection with Reel Media, having previously helped launch All Media Global (AMG), which was the wholesale brokerage division of Reel Media. After AMG merged with Reel Media in 2017, Perlini became the president of Reel Media before starting WISE Risk in early 2020.
With this acquisition, Perlini will return to Reel Media, bringing along Vice President Lindsey Harris. Both will retain their current positions, ensuring continuity in leadership as they integrate WISE Risk into the Reel Media framework.
Reel Media operates as a managing general agency, catering to various markets including entertainment, film, television, sports, and leisure. The company has offices in California, Massachusetts, and Toronto, positioning itself as a key player in the industry.
Paragon Insurance Holdings, which is part of Galway Holdings and was established in 2014, focuses on writing commercial lines insurance across more than 25 programs. The terms of this acquisition have not been disclosed, but it marks a noteworthy expansion for both Paragon and Reel Media in the insurance sector.