Brown & Brown has announced that its wholesale insurance business Bridge Specialty Group has reached a deal to purchase the assets of New England Excess Exchange (NEEE).
Based in Vermont, the US, NEEE is a wholesale managing general agent (MGA) that offers commercial and personal lines insurance products for independent retail brokers.
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The firm, which was founded in 1981, currently serves brokers across New England, Tri-State and Mid-Atlantic regions.
It primarily focuses on hard-to-place risks and leveraging technology.
Following the completion of the new deal, NEEE will continue to run from its headquarters in Barre, Vermont, under the operational head of Todd Wood.
NEEE co-owner Ralf “Goober” Schaarschmidt will continue to guide the company and help in Bridge Specialty Group’s strategic projects.
In addition, NEEE will report to Bridge Specialty Group president Steve Boyd.
The deal, which awaits approval for certain closing conditions, is anticipated to be completed next month.
Financial terms of the deal were not divulged.
Boyd said: Steve Boyd stated, “We are excited to welcome the New England Excess team to Bridge Specialty Group.
“The legacy of providing innovative insurance solutions to their retail broker partners is aligned with our strategy and meaningfully expands our capabilities and footprint in the Northeast.
“This will allow us to further forge key partnerships and collectively unlock new business opportunities.”
The latest deal comes two months after Brown & Brown announced a deal to buy UK-based insurance firm Kentro Capital, including Nexus Underwriting and Xenia Broking.
