Wholesale insurer Shand Morahan & Company Inc., based in Deerfield, Ill., said it has acquired Burlington, Vt.-based specialty insurer Cambridge Alliance. Terms of the deal were not released.

Shand Morahan is a subsidiary of Richmond, Va.-based Markel Corporation, an insurance holding company.

Cambridge Alliance will place business with the Evanston Insurance Company in all states except Illinois and New Hampshire, where business will be placed with the Essex Insurance Company.

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