NewCo Risk: A Deep Dive Into the Insurance Brokerage for Investors and Operators
In the world of small business acquisitions, finding an insurance partner who truly understands the deal process is harder than it sounds. Most insurance brokers treat business purchases like any other policy placement, missing the nuanced risks that come with M&A transactions. NewCo Risk was founded specifically to change that. In this review, we take a comprehensive look at NewCo Risk — their services, expertise, and whether they’re the right fit for your next acquisition.
What Is NewCo Risk?
NewCo Risk is an insurance brokerage co-founded in 2025 by Andy Harbut and Josh Richman, two veterans who bring nearly four decades of combined expertise in insurance, risk management, and advisory services. They spun out from a top-100 specialty insurance broker with a clear mission: build an enduring brokerage platform that serves investors and operators who have been underserved by large “alphabet house” brokers and overlooked by local agencies.
The firm was recognized as a 2025 M&A Power Broker by Risk & Insurance magazine, a prestigious industry distinction that underscores their expertise in transaction-related insurance advisory.
NewCo Risk’s Core Services
Pre-Acquisition Transaction Advisory
NewCo Risk’s pre-acquisition advisory service is where they truly differentiate themselves. Their approach includes:
- Cross-Discipline Deal Team Integration: NewCo Risk joins your deal team as a full advisor, not just an insurance vendor. They work alongside your attorney, accountant, and financial advisor to evaluate every insurance-related aspect of the transaction.
- Investment Thesis Alignment: Before even looking at insurance policies, they study your investment thesis and the target’s legal, financial, and operational posture to ensure insurance recommendations align with your post-close strategy.
- EBITDA Impact Analysis: They focus on identifying material impacts to EBITDA from insurance-related issues — uncovering hidden costs or savings that directly affect your deal valuation.
- Insurance Stack Optimization: Restructuring and optimizing the target company’s insurance and benefits programs to match your ownership strategy.
Transactional Risk Insurance
NewCo Risk places specialized transactional risk products including:
- Representations & Warranties (R&W) Insurance: Protects buyers from breaches of the seller’s representations in the purchase agreement
- Key Person Insurance: Coverage for critical employees whose departure could impact business value
- Lender Insurance Workstream Management: Coordinating all insurance requirements with your SBA or conventional lender
- Contract Review: Evaluating insurance implications within purchase agreements, lease agreements, and vendor/client contracts
Ongoing Insurance and Employee Benefits Brokerage
Beyond the transaction, NewCo Risk provides full-suite commercial insurance brokerage services:
- All lines of commercial insurance (general liability, property, workers’ comp, auto, umbrella, etc.)
- Employee benefits consulting and placement
- Risk financing structures for complex operations
- Ongoing risk management advisory
Exit-Ready Posture Management
One of NewCo Risk’s most unique offerings is their focus on maintaining “exit-ready posture” for every client. This means:
- Continuously optimizing your insurance program so it withstands buyer due diligence when you’re ready to sell
- Proactively addressing potential red flags in your risk management protocols and loss history
- Ensuring no surprises emerge when a buyer’s insurance advisor evaluates your coverage
- Unlocking hidden value in your insurance program that can enhance your business’s marketability
The Founders: Andy Harbut and Josh Richman
The strength of NewCo Risk lies in its founders’ backgrounds:
- Andy Harbut: Extensive experience in insurance advisory for private equity firms and search fund entrepreneurs, with deep expertise across thousands of deals ranging from Main Street to Wall Street
- Josh Richman: Complementary expertise in risk management and transactional consulting, with a track record spanning self-funded searchers to institutional investors
Together, they bring a personable, down-to-earth approach that balances technical expertise with clear, practical advice. Clients consistently praise their ability to transform insurance from a burdensome checkbox into a genuine strategic advantage.
Pros and Cons of NewCo Risk
Pros
- Deep specialization in M&A and acquisition-related insurance
- 2025 M&A Power Broker recognition by Risk & Insurance magazine
- Founders with nearly 40 years of combined experience across PE and search fund deals
- Bespoke, consulting-firm-level approach applied to SMB insurance
- Focus on both acquisition support and exit-ready positioning
- Full-suite brokerage capabilities beyond just transactional work
Cons
- Newly founded in 2025, so limited operating history as an independent firm
- Boutique size may mean capacity constraints during busy deal periods
- Premium advisory approach may be more than needed for simple, straightforward business purchases
- Limited online presence and reviews given their recent launch
Who Is NewCo Risk Best For?
NewCo Risk is ideally suited for:
- Search Fund Entrepreneurs: Their deep understanding of the search fund model makes them a natural partner for self-funded and traditionally funded searchers
- Private Equity Firms: Firms making SMB acquisitions that need institutional-quality insurance advisory
- Serial Acquirers: Entrepreneurs building portfolios of businesses who need a consistent, sophisticated insurance partner
- Business Owners Preparing to Sell: Their exit-ready posture management helps maximize value at sale
How Insurance Advisory Fits Into the Acquisition Process
Insurance due diligence is a critical but often overlooked component of business acquisitions. A thorough insurance review during due diligence can uncover:
- Uninsured or underinsured liabilities that could become your problem post-close
- Workers’ compensation experience modification rates that signal operational risk
- Pending or historical claims that could affect future premiums
- Employee benefits obligations that impact your projected operating costs
- Lease and contract requirements for specific coverage types and limits
Working with a specialized broker like NewCo Risk during due diligence can help you avoid costly surprises and negotiate better deal terms.
Ready to Finance Your Business Acquisition?
Having the right insurance partner is essential, but it all starts with securing the right financing. GoSBA Loans connects acquisition entrepreneurs with 50+ SBA lenders to find the best loan terms for your deal. With over $320 million in funded loans and a completely free service for borrowers, GoSBA Loans is the trusted partner for business buyers nationwide.
Whether you’re buying your first business or adding to your portfolio, our team helps you navigate the SBA lending process from application to closing — at no cost to you.
Contact GoSBA Loans today to get matched with the right SBA lender for your acquisition.
