Risk Theory was founded on a simple idea: the market’s gaps are its best opportunities. Where coverage is scarce, expertise is thin, or capacity has retreated, there’s room for whoever can build the right program to fill it.
We started where most specialty platforms do – as a managing general agent, underwriting on delegated authority for carriers who trusted us to build and run programs in high hazard classes. As those programs proved out, we moved onto fronted paper, taking on more of the execution ourselves. And as we grew, we took the final step most MGAs never do: we built our own carrier platform in Amherst Specialty and Amherst National. Each stage gave us more control over the promise we make to producers and policyholders – and today that control runs end to end.
We built the platform deep by design. Underwriting, distribution, claims, and analytics run under one roof, supported by our own carrier platform. That vertical integration is what lets us move fast and control quality end-to-end, rather than stitching a solution together across vendors. It also means we stand behind the promise we make: we believe in the fair and equitable adjustment of every claim, and because our own claims team adjusts every claim, we answer for that outcome directly.
The result is a growing collection of specialty brands, each an expert in its niche, built on a common discipline: break the problem apart, rebuild the product, distribution, and claims to fit it, and deliver what the traditional market could not.
In 2012
Risk Theory was founded on a simple idea: the market’s gaps are its best opportunities. Where coverage is scarce, expertise is thin, or capacity has retreated, there’s room for whoever can build the right program to fill it.
We started where most specialty platforms do – as a managing general agent, underwriting on delegated authority for carriers who trusted us to build and run programs in high hazard classes. As those programs proved out, we moved onto fronted paper, taking on more of the execution ourselves. And as we grew, we took the final step most MGAs never do: we built our own carrier platform in Amherst Specialty and Amherst National. Each stage gave us more control over the promise we make to producers and policyholders – and today that control runs end to end.
We built the platform deep by design. Underwriting, distribution, claims, and analytics run under one roof, supported by our own carrier platform. That vertical integration is what lets us move fast and control quality end-to-end, rather than stitching a solution together across vendors. It also means we stand behind the promise we make: we believe in the fair and equitable adjustment of every claim, and because our own claims team adjusts every claim, we answer for that outcome directly.
The result is a growing collection of specialty brands, each an expert in its niche, built on a common discipline: break the problem apart, rebuild the product, distribution, and claims to fit it, and deliver what the traditional market could not.
2012
Risk Theory
Risk Theory is founded as a specialty insurance platform built to originate and scale disciplined underwriting programs across niche markets underserved by the traditional market.
2013
Risk Point – Dealer Open Lot
Risk Point Dealer Open Lot is formed to underwrite physical damage coverages for dealerships.
2015
Risk Point – Garage
Risk Point Garage is formed to underwrite garage packages for dealerships.
2016
Applied Claims Group
Applied Claims Group is a third party administrator formed to provide specialty claims services.
2017
Applied Appraisal Solutions
Applied Appraisal Solutions is formed to provide property damage appraisal services.
2019
Redstone – Construction
Redstone Underwriters is formed to underwrite general liability for artisan contractors.
2019
Redstone – Heavy Iron
Heavy Iron Underwriters provides specialty underwriting expertise to customize coverages and provide solutions for operations within the heavy iron segment.
2019
Risk Theory Loss Control
Risk Theory Loss Control is formed to deliver loss control and loss prevention services across the group’s underwriting programs.
2020
Striker
Striker Insurance Services is formed to underwrite monoline commercial auto.
2021
JRS – Habitational
Jupiter Risk Services is formed to provide insurance solutions for the multi-family habitational commercial property market.
2023
Amherst Speciality
Amherst Specialty is formed as an A.M. Best A- VIII rated insurance company supporting Risk Theory underwriting programs and approved non–Risk Theory specialty programs.
2024
Jupiter Private Client
Jupiter Private Client is formed to provide excess and high-value homeowners insurance solutions for risks underserved by the traditional market.
2024
Jupiter Re
Jupiter Re is formed to deliver flexible risk transfer solutions for high-hazard risks typically declined or restricted by traditional carriers.
2025
KingsCover
KingsCover Underwriting is formed to deliver specialized insurance solutions for churches and religious organizations through a distribution platform built for the unique needs of ministries.
2025
Dealer Transit
Dealer Transit is launched, backed by Risk Point, to reduce dealership vehicle theft losses during transit through combined transport coverage and a vetted transportation platform.
2025
Amherst National
Risk Theory acquires Jet Insurance Company (North Carolina) and rebrands it as Amherst National, an A.M. Best A- VIII rated carrier expanding the platform’s capacity for its underwriting programs and select third-party specialty program.
2026
Roundhill Express
Risk Theory acquires Roundhill Express (New York), a technology-enabled MGA, expanding its specialty habitational capabilities in the commercial urban market.
Today, Risk Theory operates a platform of specialty insurance brands – each an expert in a niche the traditional market underserves. From dealerships and habitational property to high-value homes, commercial auto, construction, and faith-based organizations, our programs give producers access to markets and coverage that are hard to find anywhere else.
What makes it work is integration. Underwriting, distribution, claims, analytics, and compliance all live under one platform – and increasingly on our own paper, through affiliated carriers. That control lets us build programs faster, underwrite each risk on its merits, and stand behind our coverage end-to-end.
Risk Theory was founded and is led by Bryan Wilburn, whose experience building and scaling specialty insurance businesses continues to shape the platform’s strategy and long-term vision.
Risk Theory Today
Today, Risk Theory operates a platform of specialty insurance brands – each an expert in a niche the traditional market underserves. From dealerships and habitational property to high-value homes, commercial auto, construction, and faith-based organizations, our programs give producers access to markets and coverage that are hard to find anywhere else.
What makes it work is integration. Underwriting, distribution, claims, analytics, and compliance all live under one platform – and increasingly on our own paper, through affiliated carriers. That control lets us build programs faster, underwrite each risk on its merits, and stand behind our coverage end-to-end.
Risk Theory was founded and is led by Bryan Wilburn, whose experience building and scaling specialty insurance businesses continues to shape the platform’s strategy and long-term vision.
