Armour Risk Management
AGRM is a U.S. Third-Party Administrator providing turn-key claims, actuarial, reinsurance, accounting, and estate liquidation services to Property & Casualty insurers, runoff companies, MGAs, and insolvent estates.
- Company typePrivate
- Founded2010
- HeadquartersPhiladelphia, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Armour Risk Management does
A.G. Risk Management Inc. (AGRM, formerly Armour Risk Management Inc.) is a U.S.-based Third-Party Administrator (TPA) that delivers turn-key operational services to the Property & Casualty insurance industry. Founded in 2010 and headquartered in Philadelphia, the firm provides five integrated service modules: Claims and Runoff Services (covering Workers' Compensation, General Liability, Asbestos, Environmental, Construction Defect, and other long-tail lines), Actuarial Support (reserve adequacy evaluation, reserve review, and commutation pricing), Reinsurance (multi-line collections, captive relationships, and dispute resolution), Financial Accounting & Reporting (operational accounting, statutory and GAAP reporting, quarterly and annual statement preparation, and investment accounting), and Estate Liquidation (claims and proof-of-claim management plus IT support for insolvent carriers). The company specializes in resolving runoff and high-severity books of business for established insurers, insurance start-ups, MGAs, MGUs, and insolvent estates, with a stated U.K. claims capability servicing London Market latent-liability exposures.
The firm is a wholly-owned subsidiary of Alan Gray LLC, having been rebranded from Armour Risk Management Inc. upon integration into the Alan Gray family. It maintains offices in Philadelphia (two suites), Quincy (MA), and Cheektowaga (NY), employs 50+ professionals with 20+ years of industry experience across its practice leaders, and is AICPA SOC 2 Type II compliant. The GTM motion is enterprise field sales to insurance carriers, runoff estates, MGAs, and MGUs, with named relationships spanning tier-1 insurers and reinsurers such as Chubb, Berkshire Hathaway, Munich Re, Tokio Marine, Starr, Everest, Hallmark, Navigators, Berkley, ProSight, and Assa, plus Johnson & Johnson. The company makes money via professional services fees tied to claims handling, accounting, actuarial, reinsurance recovery, and estate administration engagements; pricing is not publicly disclosed.
Armour Risk Management firmographics
Firmographics- Name
- Armour Risk Management
- Legal name
- A.G. Risk Management Inc.
- Website
- https://agrminc.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- AGRM is a U.S. Third-Party Administrator providing turn-key claims, actuarial, reinsurance, accounting, and estate liquidation services to Property & Casualty insurers, runoff companies, MGAs, and insolvent estates.
- Ownership category
- akta.pro rank
Armour Risk Management industry classification
Industry- Product category
- Insurance Third-Party Administration (Property & Casualty)
- NAICS
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Agencies, Brokerages, and Other Insurance Related Activities (5242), Claims Adjusting (524291)
- SIC
- Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)
- akta.pro primary industry
- Run-off Operations, Data Migration & Policy/Claims Administration (TPA) (FSAOAJAM)
- akta.pro secondary industries
- General Liability Reinsurance (FSAOABAD), Claims Advocacy & Loss Recovery Services (FSAEADAH)
Keywords
Where Armour Risk Management is headquartered
LocationHeadquarters
- HQ city
- Philadelphia
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Armour Risk Management business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Professional Services - Insurance TPA: Turn-key operational insurance services including Claims Handling, Accounting, Reinsurance, and Actuarial services for Property & Casualty Insurance industry clients including established insurers, start-ups, runoff companies, MGAs and MGUs.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
Armour Risk Management product offering
Product offeringCore offering
A.G. Risk Management Inc. (formerly Armour Risk Management Inc.) is a Third-Party Administrator (TPA) providing turn-key operational services to the Property & Casualty Insurance industry, including Claims Handling, Accounting, Reinsurance, and Actuarial services. The company specializes in resolving run-off and high-severity books of business for established insurers, start-ups, MGAs, and MGUs. Services cover Workers Compensation, General Liability, Asbestos, Environmental, Construction Defect, long-tail, and latent liability claims, supported by financial reporting, reinsurance recovery, and statutory/GAAP accounting capabilities.
Product overview
A.G. Risk Management Inc. (formerly Armour Risk Management Inc.), a subsidiary of Alan Gray LLC, operates as a Third-Party Administrator (TPA) providing turn-key operational services to the Property & Casualty Insurance industry. The company offers five integrated service modules: Claims and Runoff Services (core claims handling across multiple lines including Workers Compensation, General Liability, and Asbestos), Actuarial Support (reserve evaluation and commutation pricing), Reinsurance (collections and dispute resolution), Financial Accounting & Reporting (statutory and GAAP reporting), and Estate Liquidation (services for insolvent carriers). These services are designed to work together, enabling clients to focus on new business development while AGRM manages runoff books, complex claims, financial reporting, and reinsurance recovery.
Differentiator
Problem solved
Functional benefit
Products and services
- Actuarial Support Provides a wide array of actuarial services involving numerous lines of business, including reserve adequacy evaluation, reserve review processes, and pricing commutations for runoff books of business.
- Claims and Runoff Services Third-Party Claims Administrator providing customized claims solutions for insurance providers and runoff companies, specializing in Property & Casualty claims including Construction Defect, Commercial Auto, General Liability, Workers Compensation, Asbestos, Environmental, and Long Tail Claims.
- Estate Liquidation Runoff & Estate Liquidation Services providing full complement of services to administrators of runoff and insolvent insurance carriers, including Claims & POC Management, Reinsurance, Actuarial, Accounting & Finance, and Information Technology.
- Financial Accounting & Reporting Full-service financial reporting and accounting services to the Property & Casualty insurance market, including Operational Accounting, General Ledger, AP Functions, Cash Management, Statutory Reporting, Quarterly & Annual Statement Preparation, GAAP Reporting, and Investment Accounting.
- Reinsurance Reinsurance services including complex multi-line reinsurance collections, captive reinsurance relationships, monitoring of net creditor/debtor relationships, dispute resolution structure, and commutation pricing and negotiation.
Quantifiable outcome
- Collection of millions of dollars in recoverable assets through reinsurance collections
Companies that use Armour Risk Management
Customer profileNamed customers12 records
Segments4 records
Ideal customer profiles4 records
Armour Risk Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Armour Risk Management partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Alan Gray LLCcoreA.G. Risk Management Inc. is a subsidiary of Alan Gray LLC, providing turn-key services from Claims Handling to Accounting, Reinsurance, and Actuarial for the Property & Casualty Insurance industry. Alan Gray LLC acquired Armour Risk Management Inc. (now AGRM) into the Alan Gray family.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Armour Risk Management competitors and assessment
Company assessmentDirect peers
- Compre Group: Specialist run-off acquirer and legacy insurance services provider that buys and administers discontinued P&C books. Direct competitor for run-off and high-severity mandates, with similar specialty claims expertise.
- Crawford & Company: One of the world's largest independent providers of claims management and adjustment services. Direct competitor for P&C claims TPA, runoff administration, and loss adjusting mandates across global insurers — overlapping heavily with AGRM's core service stack.
- Sedgwick: Global claims management, loss adjusting, and productivity services firm serving insurers, employers, and TPAs. Competes directly for P&C claims handling, workers' comp administration, and integrated TPA engagements offered by AGRM.
- McLarens: International loss adjusting and claims management firm with strong P&C and specialty lines presence. Competes for the same complex claims, long-tail, and run-off mandates that anchor AGRM's book of business.
- Merlinos & Associates: Independent actuarial consulting firm serving P&C insurers and self-insureds with reserving, commutation pricing, and runoff actuarial services. Overlaps with AGRM's actuarial support practice.
- TRISTAR Insurance Services: Specialty run-off and claims administration firm serving P&C carriers on legacy portfolios, including asbestos, environmental, and long-tail exposures. Direct comparable on run-off specialty focus and integrated services.
- ESIS, Inc. A Chubb-owned risk management and claims services firm providing TPA-style claims administration to insurers and self-insureds. Competes directly with AGRM for P&C claims outsourcing and managed care services.
- DARAG Group: European-headquartered run-off specialist that acquires and administers legacy insurance portfolios. Competes with AGRM for cross-border run-off mandates and specialty claims management of long-tail liabilities.
- Broadspire (a Crawford Company): Third-party administration and claims management subsidiary of Crawford & Company serving insurers and self-insureds. Direct competitor for P&C TPA mandates, including workers' compensation, general liability, and integrated claim handling.
Broad incumbents
- Enstar Group: Publicly traded run-off acquirer that both purchases legacy books and operates legacy services platforms. Overlaps with AGRM on runoff claims administration, reinsurance recovery, and actuarial services for divested portfolios.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Armour Risk Management social profiles
Digital presenceArmour Risk Management compliance and trust
Trust signalCompliance1 record
Armour Risk Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Armour Risk Management leadership team
Management profileNumber of profiles
Profiles8 records
Armour Risk Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Armour Risk Management M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Armour Risk Management
What does Armour Risk Management do?
A.G. Risk Management Inc. (formerly Armour Risk Management Inc.) is a Third-Party Administrator (TPA) providing turn-key operational services to the Property & Casualty Insurance industry, including Claims Handling, Accounting, Reinsurance, and Actuarial services. The company specializes in resolving run-off and high-severity books of business for established insurers, start-ups, MGAs, and MGUs. Services cover Workers Compensation, General Liability, Asbestos, Environmental, Construction Defect, long-tail, and latent liability claims, supported by financial reporting, reinsurance recovery, and statutory/GAAP accounting capabilities.
Is Armour Risk Management a public or private company?
Armour Risk Management is a private company. It is classified as corporate owned and is currently operating.
When was Armour Risk Management founded?
Armour Risk Management was founded in 2010. It employs 101 to 250 people.
Where is Armour Risk Management based?
Armour Risk Management is headquartered in Philadelphia, United States, in the North America region.
How does Armour Risk Management make money?
One revenue line is on record: professional Services - Insurance TPA.
Who are Armour Risk Management's main competitors?
Direct peers on record are Compre Group, Crawford & Company, Sedgwick, McLarens, Merlinos & Associates, TRISTAR Insurance Services, ESIS, Inc., DARAG Group and Broadspire (a Crawford Company). Enstar Group is listed as a broad incumbent.
Does Armour Risk Management have an API?
No public API is recorded for Armour Risk Management.
What industry is Armour Risk Management in?
Armour Risk Management's product category is Insurance Third-Party Administration (Property & Casualty). Its primary akta.pro industry code is FSAOAJAM, Run-off Operations, Data Migration & Policy/Claims Administration (TPA), with a secondary code of FSAOABAD, General Liability Reinsurance. Its NAICS code is 524292 and its SIC code is 6411.