Paragon’s Reel Media Acquires WISE Risk, Enhancing Entertainment and Sports Insurance Capabilities
AVON, Conn.–(BUSINESS WIRE)–Paragon Insurance Holdings, LLC (“Paragon”) today announced that its specialty media and contingency platform, Reel Media Insurance Services, LLC (“Reel Media”), has acquired WISE Risk, a leading wholesaler for event-driven and specialty insurance products.
WISE Risk, founded in 2020 by 25-year industry veteran Steve Perlini, brings deep expertise in event cancellation, non-appearance, weather, sports disability, and other specialized insurance coverages for the sports, entertainment, and live-event industries. This acquisition strengthens Reel Media’s position in the specialty insurance space while expanding Paragon’s footprint in high-growth markets.
“Bringing Steve and his team onboard creates a powerful combination of expertise between our firms,” said Marc Idelson, CEO of Reel Media. “WISE Risk’s focus on entertainment and contingency lines perfectly complements our existing portfolio.” The acquisition underscores Reel Media’s commitment to its trading partners across the events, sports, and entertainment sectors.
WISE Risk’s Vice President Lindsey Harris will join Reel Media along with Perlini, continuing in their current roles. Ron Ganiats, CEO of Paragon, noted that WISE Risk brings an entrepreneurial energy and a clear grasp of demand in the sports, entertainment, and event insurance markets, strengthening Reel Media’s ability to deliver tailored coverage.
The entertainment insurance market is projected to grow nearly 70% by 2029, positioning this acquisition as a strategic step to capture growth in sectors with increasing demand for tailored coverage. Perlini expressed enthusiasm about joining forces with a group that shares WISE Risk’s vision and values, citing Paragon and Reel Media’s scale, resources, and collaborative culture as key factors in accelerating WISE Risk’s next phase of growth.
About the Companies
- Paragon Insurance Holdings, LLC: A Galway Holdings company formed in 2014, writing all commercial lines of insurance across more than 25 programs. More information at www.paragoninsgroup.com.
- Reel Media Insurance Services LLC: An entertainment, film, television, sports, motorsports, and leisure Managing General Agency (MGA) with offices in California, Massachusetts, and Toronto, offering innovative commercial insurance products.
- WISE Risk: A leading wholesale insurance brokerage based in Needham, Massachusetts, focused on delivering specialized risk solutions for the entertainment, sports, and event production sectors.
For more information, contact:
- Shawn Langlois, EVP Communications, Paragon Insurance Holdings, LLC: [email protected], (310) 989-4895
- Lexie Brazil, StreetCred PR: [email protected], (214) 773-7114
