North Risk Partners

What North Risk Partners does

North Risk Partners is an independent insurance brokerage and risk advisory firm headquartered in St. Cloud, Minnesota, operating 31+ physical offices across five Midwest states (Minnesota, Iowa, Nebraska, North Dakota, South Dakota). Founded in 2013 from the merger of three legacy agencies, the firm serves businesses, individuals, and employee-benefits clients with a full-service offering spanning commercial insurance, employee benefits, personal lines (auto, home, life, umbrella, farm), surety bonds, and specialized Association Health Plans such as Health Spark for electrical contractors. The company also provides fee-based risk advisory services including HR compliance, workplace safety, and wellness program support.

The firm's go-to-market is sales-led and relationship-driven, with local insurance advisors and risk consultants operating from branch offices and supported by an InsurLink client portal (Vertafore-hosted) and a Zywave MyWave Connect resource integration. Revenue is generated primarily through commissions on placed insurance policies plus professional-services fees for advisory work; pricing is quote-based and annualized. The company is backed by private equity sponsor BroadStreet Partners and has grown aggressively via 20+ tuck-in acquisitions since 2016, building from a Minnesota-only operation into one of the largest independent insurance broker networks in the Midwest.

North Risk's technology footprint is intentionally lean: the proprietary surface consists of the InsurLink client portal and brand-level content assets, with core brokerage workflows delegated to carrier underwriting and external platforms. The firm has no disclosed AI/ML capabilities, patents, or proprietary models. Leadership under CEO Chris Meidt since 2014 has emphasized acquisition-led geographic and vertical expansion, brand consolidation (culminating in a 2026 brand refresh), and professionalization through executive hires including the firm's first CIO and dedicated Director of Benefits.

Name

North Risk Partners

Legal name

North Risk Partners

Website

https://northriskpartners.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

251–500 employees

Short description

North Risk Partners is an independent insurance brokerage and risk advisory firm operating 31+ offices across five Midwest states, offering commercial insurance, employee benefits, and personal lines to businesses, individuals, and trade associations.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (52421), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industries

First-Party Cyber (Breach Response, Forensics, Notification, Credit Monitoring) (FSAJAOAF), Nonprofit / Social Services BOP (FSAJAFAM), Co-Employment Risk Management & Insurance (Workers’ Comp, Liability) (BPACAGAH)

Keywords

• Commercial insurance brokerage
• Employee benefits consulting
• Personal insurance coverage
• Risk management advisory
• Surety bond services

Headquarters

HQ city

Saint Cloud

HQ country

United States

HQ region

North America

Offices21 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Commissions: Commission-based revenue from placing insurance coverage for commercial and personal lines. Earns commissions from insurance carriers for policies placed.
2. Risk Advisory Services: Fee-based advisory services including loss prevention, HR compliance support, safety consulting, and wellness program services for business clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

North Risk Partners is an independent insurance brokerage and risk advisory firm offering commercial insurance, employee benefits, and personal insurance coverage across the Midwest. The company places coverage through multiple carriers, supported by risk advisory services including loss prevention, HR compliance, safety consulting, and wellness program support for businesses and individuals.

Product overview

North Risk Partners is an independent insurance brokerage and risk advisory firm offering a comprehensive suite of insurance products and services. The core offerings include Commercial Insurance, Employee Benefits, and Personal Insurance (Individual and Family), supported by specialized products such as Surety Bonds and Association Health Plans. The company operates InsurLink, a client portal platform enabling clients to access policies, documents, and insurance data. North Risk Partners also creates custom Association Health Plans for specific industries, exemplified by the Health Spark plan for electrical contractors. The company serves businesses and individuals across multiple states in the Midwest with over 25 locations.

Differentiator

Problem solved

Functional benefit

Brands

• Bright Choices Exchange: Private exchange platform for employee benefits with defined contribution and employee empowerment features.
• Health Spark

Products and services

• Commercial Insurance Strategic commercial insurance solutions providing clear risk insight, tailored coverage, and hands-on support to help businesses protect assets, minimize disruption, and move forward with confidence. Covers property, casualty, liability, surety bonds, cyber, auto, and workers' compensation.
• Employee Benefits Strategic employee benefits guidance, tailored plan design, and hands-on support to help employers attract and retain talent, manage costs, and build programs that evolve with the workforce. Includes group health insurance, retirement benefits, wellness programs, and HR support.
• Personal Insurance Individual and family insurance coverage including auto, homeowners/property, life, health, umbrella, farm, and recreation and specialty insurance with thoughtful guidance and tailored coverage.
• Individual Life Insurance Life insurance solutions including Term Life, Whole Life, Universal Life, and Indexed Universal Life insurance designed to provide financial security and peace of mind for individuals and families.
• Association Health Plans (AHP) Custom association health plans designed for trade associations and small businesses within specific industries, enabling them to obtain health coverage at favorable rates as if they were a single large employer, through partnerships with Blue Cross and Blue Shield of Minnesota.
• Surety Bonds Surety bond services for businesses as part of commercial insurance offerings, covering construction, contractor, and project-specific bond requirements.

Quantifiable outcome

• Over 400 insurance professionals serving clients
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature1 record

Partnerships

Six partnerships are on record, tiered minor and core.

• Building Industry Health Plan of the Red River ValleyminorStrategic or Co-development Partner · 5 May 2025Kavira Health partnership expansion into Fargo, North Dakota through this trade association partnership.
• Kavira HealthminorStrategic or Co-development Partner · 5 May 2025Modern care solution for employers expanding into Fargo through Building Industry Health Plan partnership.
• Minnesota Trucking AssociationcoreStrategic or Co-development Partner · 17 January 2024Partnership to launch state's first Association Health Plan for the trucking industry through Blue Cross and Blue Shield of Minnesota.
• Blue Cross and Blue Shield of MinnesotacoreChannel Partner/ Reseller/ Distributor · 13 January 2022Partnership to offer Association Health Plans (AHPs) through Blue Cross. North Risk creates AHPs for trade associations and small businesses to obtain coverage as if they were a single large employer.
• Minnesota's Electrical AssociationcoreStrategic or Co-development Partner · 13 January 2022Partnership to launch Health Spark AHP through Blue Cross specifically for electrical contractors and their employees. Association represents over 250 contractors and 3,000+ electricians.
• Housing First MinnesotacoreStrategic or Co-development Partner · 19 November 2019Partnership to launch association health plan through Blue Cross for those involved in residential homebuilding industry.

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Hub International: Hub International is a large PE-backed insurance brokerage with similar acquisition-driven growth strategy, broad commercial/personal/benefits offerings, and regional office network. Closely comparable business model to North Risk Partners.
• AssuredPartners: AssuredPartners is a PE-backed (GTCR) insurance brokerage aggregator that has grown through acquiring regional independent agencies across the US, mirroring North Risk's M&A roll-up strategy in the Midwest.
• Leavitt Group: Leavitt Group is a privately held insurance brokerage operating through a network of regional offices with commercial, personal, and benefits lines, structurally similar to North Risk's partner-driven regional model.
• TrueNorth Companies: TrueNorth is a Midwest-based independent insurance brokerage and risk management firm headquartered in Iowa, competing directly with North Risk Partners for commercial and benefits clients in overlapping states.

Broad incumbents

• Arthur J. Gallagher: Gallagher is a global insurance brokerage and risk management services firm with substantial Midwest presence, serving as a major incumbent competitor with broader geographic and product reach than North Risk.
• Marsh McLennan: Marsh McLennan operates Marsh, the world's largest insurance broker, providing commercial risk, reinsurance, and consulting services. As a broad incumbent, it competes for larger enterprise accounts in the Midwest.
• Brown & Brown: Brown & Brown is a national insurance brokerage that has grown through regional acquisitions, with Midwest operations overlapping North Risk's geographic footprint and competing across commercial and personal lines.
• USI Insurance Services: USI Insurance Services is a large national insurance brokerage serving middle-market and large commercial clients, with a Midwest regional structure that competes for enterprise accounts.
• Marsh & McLennan Agency: Marsh & McLennan Agency is the middle-market arm of Marsh McLennan, operating through regional offices with commercial, benefits, and personal insurance offerings comparable to North Risk's full-service brokerage model.

Others

• BroadStreet Partners: BroadStreet Partners is North Risk's private equity sponsor and the parent/administrative entity for multiple partner agencies, providing capital, M&A support, and back-office infrastructure that funds North Risk's acquisition strategy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/northrisk
• Facebookfacebook.com/northriskpartners
• LinkedInlinkedin.com/company/north-risk-partners

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries23 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about North Risk Partners