What Bob McCloskey Insurance does

Bob McCloskey Insurance (BMI), founded in 1975 and headquartered in Matawan/Morganville, New Jersey, is a privately held Managing General Agent that specializes exclusively in student and sports accident insurance. The company places coverage for more than 500 colleges and universities, over 2,000 K-12 schools, and hundreds of special risk groups (youth/adult leagues, camps, religious and non-profit organizations, national associations, and daycare centers) on behalf of a dozen or more A-rated insurance carriers including The Hartford, Zurich American, and U.S. Fire Insurance Company. BMI also serves as the Exclusive Insurance Partner for both the National Junior College Athletic Association (NJCAA, 120+ member schools) and the National Christian College Athletic Association (NCCAA), under which all member institutions are automatically enrolled in catastrophic accident programs.

The company's product portfolio spans intercollegiate, club, and intramural sports accident insurance; catastrophic accident coverage (up to $5M medical maximum with 10-year or lifetime benefit periods); mandatory and voluntary K-12 student accident insurance; primary/uninsured athlete plans; international student health insurance; high-limit AD&D; event cancellation; participant accident and general liability for leagues, camps, and non-profits; and daycare/nursery coverage. Its wholly-owned claims administration subsidiary, BMI Benefits, LLC (established 1986), operates as a licensed Third Party Administrator with 30+ dedicated claims examiners, a 24/7 web-based claims portal integrated with industry-leading sports medicine EMR platforms, PPO discount network integration, medical cost containment services, and Self-Insured Retention (SIR) plan administration. K-12 voluntary coverage is sold via e-commerce on the BMI website with state-specific pricing ranging from approximately $7.50 to $458+ per student per year, while college and catastrophic pricing is quote-based.

BMI generates revenue through two primary streams: (1) commissions from A-rated insurance carriers for placing and administering special risk accident policies, and (2) administrative fees from carriers and institutional clients for TPA services through BMI Benefits. The company distributes through a hybrid model combining direct institutional sales, a wholesale MGA relationship with 40+ year broker/agent partnerships, exclusive athletic-conference partnerships (NJCAA, NCCAA, Big South, CUNY, MAAC), active industry event sponsorship, and a self-serve e-commerce channel for K-12 voluntary enrollment. BMI is a family-owned, multi-generational business currently led by President Rob McCloskey, who succeeded founder Bob McCloskey Sr. in 2006, with his son Nick McCloskey representing the third generation.

Name

Bob McCloskey Insurance

Legal name

Bob McCloskey Insurance

Website

https://bobmccloskey.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

1–10 employees

Short description

Bob McCloskey Insurance is a privately held Managing General Agent and Third Party Administrator (via BMI Benefits, LLC) specializing in student and sports accident insurance for 500+ colleges and universities, 2,000+ K-12 schools, and numerous special risk groups nationwide, with exclusive partnerships with the NJCAA and NCCAA athletic associations.

Ownership category

akta.pro rank

Headquarters

HQ city

Matawan

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Revenue: BMI acts as a Managing General Agent placing coverage for over 500 colleges & universities, 2,000+ secondary schools, and hundreds of special risk groups. They earn commissions from insurance carriers for placing and administering policies including intercollegiate sports accident insurance, K-12 student accident insurance, catastrophic coverage, and participant/volunteer accident insurance.
2. Claims Administration (TPA) Services: BMI Benefits LLC serves as a fully licensed third-party administrator for over a dozen A-rated insurance carriers, providing claims adjudication and payment services. Revenue comes from administrative fees charged for processing claims on behalf of carrier partners.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Bob McCloskey Insurance (BMI) operates as a Managing General Agent placing specialized student and sports accident insurance programs for over 500 colleges and universities, 2,000+ K-12 schools, and hundreds of youth/adult sports leagues, religious/non-profits, and national associations. The company, through its wholly-owned subsidiary BMI Benefits, LLC, also delivers in-house third-party claims administration with 30+ dedicated claims examiners and a 24/7 web portal. BMI acts primarily as a wholesaler working through brokers and agents as well as directly with institutions.

Product overview

Bob McCloskey Insurance (BMI) operates as a Managing General Agent specializing in student and sports accident insurance, offering a comprehensive portfolio of insurance products and Third Party Administration (TPA) services. The company's core offerings include Intercollegiate, Club and Intramural Sports Accident Insurance, Catastrophic Sports Accident Insurance, Mandatory Student Accident Insurance, Primary/Uninsured Athletic Accident Plans, International Student Health Insurance, and High-Limit AD&D coverage for colleges and universities. For K-12 institutions, BMI provides Base Student & Athletic Accident Insurance, Catastrophic Student & Athletic Accident Insurance, and Voluntary Student Accident Insurance. Additional products include Participant Accident Insurance, General Liability Insurance, Sports Refund Insurance (via SportsRefund partnership), Daycare/Nursery Accident Insurance, Volunteer Accident Insurance, and D&O Liability for religious/non-profits. The company's TPA arm, BMI Benefits, LLC, delivers in-house claims administration with over 30 claims examiners, medical cost containment through PPO discount networks, Self-Insured Retention plan administration, and a 24/7 web portal for claims submission and status. BMI serves over 500 colleges & universities and 2,000+ K-12 schools nationwide as the Exclusive Insurance Partner for NJCAA and NCCAA.

Differentiator

Problem solved

Functional benefit

Products and services

• Intercollegiate, Club and Intramural Sports Accident Insurance Secondary/excess accident insurance coverage for intercollegiate, club, and intramural sports programs at colleges and universities, providing access to multiple A-rated insurance carriers with sports-specific benefits including HMO/PPO, Heart & Circulatory, and Pre-Existing Condition benefits.
• Catastrophic Sports Accident Insurance High-limit catastrophic accident insurance providing coverage up to $5,000,000 per injury/accident with up to 10-year or Lifetime Benefit Period, including Catastrophic Cash Benefits up to $1,000,000 for brain death, coma, or paralysis.
• Mandatory Student Accident Insurance (MSA) Campus-wide student accident coverage providing protection for all students during general campus accidents, club & intramural sports, intercollegiate sports, co-ops, internships, campus events, and travel to and from campus, helping reduce ICS policy claims.
• Primary/Uninsured Athletic Accident Plans Primary accident insurance plan for collegiate uninsured and underinsured athletes providing 24/7 accidental injury coverage, designed to reduce accident medical insurance premiums for intercollegiate sports programs.
• International Student Health Insurance Health insurance plans for international students and student-athletes that specifically provide benefits for intercollegiate sports-related injuries within the U.S.
• High-Limit Accidental Death & Dismemberment AD&D coverage for collegiate athletic departments extending beyond traditional sports accident insurance to include coaches, staff, administration, donors, and guests, with limits up to $250,000 per covered person.
• Academic & Sport Camp, Clinic & Special Event Coverage Participant accident insurance and general liability coverage for camps, clinics, and special events including sports camps, academic camps, with coverage for participants, staff, counselors and coaches up to $100,000 per injury and liability up to $2,000,000.
• Base Student & Athletic Accident Insurance (K-12) Accident medical benefits for K-12 students covering injuries during school sessions, extracurricular activities, interscholastic sports, field trips, and travel to and from school, with customizable plan options including Class 1, 2, and 3 coverage classifications.
• Catastrophic Student & Athletic Accident Insurance (K-12) Catastrophic accident medical policy for K-12 schools with accident medical benefit limits up to $6,000,000 per injury, sitting on top of base accident policies with extended benefit period up to 10 years, plus catastrophic cash benefits up to $1,000,000.
• Voluntary Student Accident Insurance (K-12) Optional coverage offerings for K-12 families to purchase additional protection beyond school-provided excess accident policies, with school-time and around-the-clock options plus accidental dental plans available for online enrollment.
• Participant Accident Insurance Accident insurance coverage for participants, staff, counselors, and volunteers in youth and adult sports leagues and organizations, with coverage to and from sponsored events, activities, or programs.
• General Liability Insurance Liability insurance for youth/adult sports leagues and national organizations providing protection against litigation from sponsored activities, with occurrence-based policies typically requiring $2,000,000 limits including host liquor liability, products liability, non-owned auto, and sexual molestation coverage.
• Sports Refund Insurance Season interruption insurance offered in partnership with SportsRefund, LLC providing reimbursement to families when illness or injury sidelines an athlete for weeks or the entire season, offsetting program fee losses.
• Catastrophic Accident Insurance (National Associations) Blanket catastrophic accident insurance for national associations and governing bodies providing limits up to $5,000,000 or more per injury/accident with up to 10-year or Lifetime Benefit Period, and optional Catastrophic Cash Benefits up to $1,000,000.
• Daycare/Nursery Accident Insurance Compulsory plans providing accident medical benefits for children at nursery, preschool, and daycare centers during session times and extracurricular programming, with Standard Gold Plan offering $1,000,000, $50,000, or $25,000 per injury with customizable deductibles and benefit periods.
• Volunteer Accident Insurance Participant and volunteer accident coverage for religious and non-profit organizations sponsoring events open to members and the general public, covering participants, staff, counselors, and volunteers with coverage to and from sponsored events.
• Directors & Officers Liability Coverage D&O liability coverage for religious and non-profit organizations providing protection for organizational leadership against claims arising from organizational activities and governance.
• Third Party Administration (TPA) Services In-house claims administration through BMI Benefits, LLC providing licensed claims examination, medical cost containment, customized claim reports, 24/7 web portal for claims submission and status, and dedicated claims examiner assignment for each client account.
• Medical Cost Containment Services Cost containment services utilizing PPO discount networks and individual claim negotiation with medical providers to secure deep claim discounts and reduce overall insurance costs for clients.
• Self-Insured Retention (SIR) Plans Self-insured retention plan administration enabling colleges, universities, and larger K-12 schools to control insurance premiums through decreased administration expense and increased funds available to pay claims.
• Deductible Administration Administration services for managing high and low deductible insurance plans including deductible tracking, verification, and processing for self-insured and fully insured programs.
• Contingency & Event Cancellation Insurance Event protection coverage including event cancellation for expenses and revenue against cancellation, postponement, rescheduling or abandonment due to adverse weather, earthquakes, terrorism, communicable disease or venue unavailability, plus non-appearance, prize indemnity, contract bonus, promotions, and weather insurance.

Named customers18 records

Segments8 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered flagship, core and minor.

• NCCAA (National Christian College Athletic Association)flagshipStrategic or Co-development PartnerBMI is the Exclusive Accident Insurance Partner of NCCAA since 2008. All NCCAA-only affiliated members are automatically enrolled in the catastrophic accident medical insurance program underwritten by United States Fire Insurance Company. BMI provides $5,000,000 medical maximum with 10-year benefit period, $25,000 per injury deductible, $1,000,000 catastrophic cash benefit, and $10,000 AD&D benefit. BMI is a long-term sponsor of NCCAA Convention and Victory Bowl events.
• NJCAA (National Junior College Athletic Association)flagshipStrategic or Co-development PartnerBMI is the Exclusive Insurance Partner of NJCAA. They provide catastrophic coverage underwritten by Zurich American Insurance Company with lifetime or 10-year benefit period options, various deductible options, and comprehensive benefits including AD&D, disability, home tutoring, rehabilitation, PTSD, and catastrophic cash benefits. Currently serving over 120 NJCAA schools with basic and catastrophic intercollegiate sports insurance.
• The Hartford Fire Insurance Company and The Hartford Life and Accident Insurance CompanycoreOthersThe Hartford is one of BMI's insurance carrier partners providing insurance capacity for student and sports accident policies. BMI works with multiple A-rated carriers to provide competitive quotes and comprehensive coverage options.
• United States Fire Insurance CompanycoreOthersUnited States Fire Insurance Company underwrites the NCCAA Catastrophic Accident Medical Insurance Program, providing $5,000,000 medical maximum coverage with 10-year benefit period for NCCAA member institutions.
• Zurich American Insurance CompanycoreOthersZurich American Insurance Company underwrites the NJCAA Catastrophic Insurance Program. BMI can approach several A-rated carriers in addition to Zurich to provide quote options for base plan coverage.
• SportsRefund, LLCminorStrategic or Co-development PartnerBMI partnered with SportsRefund, LLC to offer sports refund insurance - a season interruption insurance product that provides refunds to families when athletes miss significant portions of a season due to illness or injury. This addresses the financial loss families face when paying for sports programs that offer no refunds.
• Big South ConferencecoreGTM or Marketing PartnerBig South Conference and its member institutions have partnered with BMI for over ten years. BMI provides intercollegiate sports accident insurance and exceptional customer service for member institutions and student-athletes.
• Metro Atlantic Athletic Conference (MAAC)coreGTM or Marketing PartnerBMI has been an ongoing corporate sponsor of MAAC for many years. BMI created and funds the MAAC postgraduate scholarship, awarding two $1,000 scholarships annually to male and female student-athletes to encourage graduate school attendance.
• PPO Discount Network PartnerscoreTechnology or IntegrationBMI has made judicious use of PPO discount networks and individual claim negotiation with medical providers to help bring cost containment to client programs. Partnerships with industry-leading cost containment companies have secured deep claim discounts.

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• K&K Insurance Group: Specialty insurance MGA focused on sports, leisure, and entertainment risks, including scholastic and intercollegiate programs. Directly comparable to BMI in target customers (schools, leagues, camps), product offering (accident and liability), and MGA distribution model.
• Bollinger Insurance: Specialty insurance broker with deep practice in sports, camps, schools, and recreational accident coverage. Directly comparable niche specialization and customer base (educational institutions, camps, leagues) to BMI's core segments.
• RPS (Risk Placement Services): Specialty insurance MGA and wholesale broker with significant practice in sports, recreational, and special risk accident products. Operates a similar MGA model placing business with multiple carriers and serving institutional and association clients.
• Hays Companies: Insurance brokerage with a focused Sports & Entertainment specialty practice that places accident and liability coverage for schools, leagues, and athletic programs. Overlapping target customers and product lines make it a directly comparable specialty competitor.

Broad incumbents

• Marsh McLennan: Parent company of K&K Insurance Group; global insurance brokerage with specialty practices serving educational and athletic institutions. Competes with BMI in the special risk accident market through both direct brokerage and its K&K specialty MGA subsidiary.
• Markel Corporation: Specialty insurer with dedicated sports, leisure, and entertainment insurance products including scholastic and youth accident coverage. Overlaps with BMI in product category but operates as a carrier with broader underwriting portfolio versus BMI's MGA focus.
• Arthur J. Gallagher & Co. Global insurance brokerage whose Sports & Special Risk division competes directly with BMI for institutional accident and liability accounts. BMI's VP of Sales previously worked at Gallagher Student Health & Special Risk, evidencing direct talent and account competition.
• Aon: Global insurance and reinsurance brokerage whose specialty practices include sports and accident coverage for educational and athletic institutions. Competes for institutional accounts at the larger end of BMI's market and offers broader risk advisory services.
• Brown & Brown, Inc. Diversified insurance brokerage with a Sports & Entertainment Group that places accident and liability coverage for educational institutions, leagues, and event organizers. Has grown through acquisitions of specialty firms (including Hays Companies), increasing competitive overlap with BMI.
• Hub International: North American insurance brokerage with specialty practices in sports, education, and recreational risks. Offers overlapping institutional accident and liability products through regional offices, competing for the same school and conference accounts as BMI.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bob-mccloskey-insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Bob McCloskey Insurance