King Risk Partners Launches New Transportation Practice to Address Complex Market Needs
King Risk Partners has initiated a new Transportation Practice as part of its effort to enhance specialized expertise across the company. Matt Hoover has been appointed as the transportation placement specialist to oversee this new division. Hoover's role focuses on collaborating with producers and insurance carriers to strengthen market relationships and manage transportation-related risk strategies throughout the organization.
This development aligns with a broader trend among mid-market brokerage firms that are shifting away from generalist placements due to the complexities of demanding insurance lines. Transportation insurance, in particular, is influenced by ongoing legal pressures, rising claims costs, and regulatory changes, reshaping how insurance is placed at various levels.
The American Transportation Research Institute's 2025 report indicates a significant increase in insurance premiums for trucking, with a record $0.102 per mile in 2024. This reflects a substantial rise of 12.5% in 2023, followed by another 3% increase. Over the past eight years, trucking auto liability premiums have surged by 36% per mile. Swiss Re notes that premiums for excess trucking insurance have escalated by more than 75%, prompting some insurers to exit the market.
Litigation is a central factor in these challenges, with nuclear verdicts jumping by 52% in 2024. These are driven by third-party litigation funding and more aggressive litigation strategies against corporations, making transportation a complex line for brokers without specialized placement resources.
Regulatory factors further complicate the market. The FMCSA's 2026 report to Congress highlights that the existing federal minimum liability requirement of $750,000 now covers less than 1.5% of an average major nuclear verdict. Adjusting for inflation and medical cost increases would raise this requirement to about $2.2 million and over $3.7 million, necessitating revised placement strategies across market segments.
Howard Weiss, the chief growth officer at King Risk Partners, emphasized the need for specializations in the current market. "Specialisation is no longer optional in today's environment - it is a requirement. Our focus is on building real capabilities behind our producers so they can move faster, win more, and deliver better outcomes for clients. Transportation is a natural place to start," said Weiss. He stressed that access to expertise, data, and support attracts talent and drives sustained growth.
The introduction of the Transportation Practice occurs alongside King Risk Partners' expansion, marked by a 53% increase in mergers and acquisitions in 2025, according to OPTIS Partners data. The firm, backed by private equity entities Lightyear Capital and BHMS Investments, now operates over 50 locations and serves 55,000 clients, predominantly on the East Coast. The broader merger and acquisition landscape for U.S. brokerages is on track for a high-volume year, with private equity-backed buyers constituting approximately 73% of transactions. The Transportation Practice represents the beginning of King Risk Partners' strategy to fortify its position across key industry sectors, recognizing that growth depends on deploying deep expertise alongside scale.