RISK THEORY
Building insurance businesses from concept to market leader.
Overview
RISK THEORY is a Dallas, Texas-based specialty insurance distribution platform that builds, acquires, and operates niche Managing General Agents (MGAs) across the commercial insurance market. Founded in 2012 by Bryan Wilburn -- who previously built Southwest Risk, one of the largest commercial property program managers in the US -- the company has developed a scaled platform of disciplined specialty underwriting businesses.
The platform model identifies deep subject matter experts in specific commercial insurance niches and provides them with backend infrastructure, capital, carrier capacity, and shared services to build profitable and scalable insurance businesses. Each subsidiary brand operates independently with a focus on underwriting discipline, aligned incentives, and durable program economics. The company currently operates 15 specialty insurance programs across 11+ brands, serving a distribution network of over 2,000 producers nationwide.
In March 2026, RISK THEORY completed the acquisition of Roundhill Express, a New York City-based technology-enabled MGA specializing in commercial habitational properties. This marked the company's first external MGA acquisition and validated its buy-and-build growth strategy.
Products & Services
Risk Point
Dealership insurance including garage package and physical damage coverage for cars, recreation vehicles, heavy trucks, RVs, and motorcycles.
Target Users: Auto, RV, and heavy equipment dealerships
Distribution: Wholesale broker and retail agent network
Redstone Underwriters
Specialty underwriting solutions for artisan contractor coverage needs.
Target Users: Artisan contractors
Distribution: Wholesale broker and retail agent network
Striker Insurance Services
Monoline commercial auto coverage for over 80 classes of residential and commercial artisan contractors nationwide.
Target Users: Artisan and construction contractors
Distribution: Wholesale broker and retail agent network
Jupiter Risk Services
Insurance solutions for the habitational multifamily commercial market.
Target Users: Multifamily real estate investors and operators
Distribution: Wholesale broker and retail agent network
Jupiter Re
Specialty property insurance for complex commercial risks including real estate, retail, hospitality, heavy industry, manufacturing, specialty energy, municipalities, standalone weather perils, and builders risk.
Target Users: Complex commercial property owners
Distribution: Wholesale broker and retail agent network
Heavy Iron Underwriters
Specialty underwriting solutions for the heavy iron and equipment segment.
Target Users: Heavy equipment operators and owners
Distribution: Wholesale broker and retail agent network
KGC Underwriters
Comprehensive insurance solutions for churches and their ministries.
Target Users: Religious organizations and church-affiliated entities
Distribution: Wholesale broker and retail agent network
Applied Claims Group
Full claims service, risk management services, and multiline third-party administration programs.
Target Users: Carriers and program managers requiring TPA services
Applied Appraisal
Property damage appraisal services for carriers and self-insured entities.
Target Users: Carriers, program managers, and self-insured entities
Roundhill Express
Technology-enabled MGA specializing in commercial habitational property insurance in the New York City metropolitan area. Acquired March 2026.
Target Users: Landlords and property owners in NYC metro area
Distribution: Retail and wholesale agent network in New York