Brown & Brown Acquires 2 N.J. Agencies
By Mark E. Ruquet
NU Online News Service, March 9, 3:50 p.m. EST?Brown & Brown Inc. has acquired two New Jersey-based insurance agencies.[@@]
The Daytona Beach, Fla., insurance broker said it has acquired Statfeld Vantage Insurance Group, L.L.C. and Waldor Agency Inc., both of Florham Park, N.J.
Terms of the transactions were not released.
With annualized revenues of approximately $11million, Statfeld Vantage is a general insurance agency serving a broad section of clients in New Jersey and surrounding states. The agency specializes in benefits consulting and plan design.
The Waldor Agency is a retail insurance agency serving general commercial property-casualty insurance clients throughout the state and the surrounding area, with annualized revenues of approximately $13 million.
Both agencies will become part of a new Brown & Brown office in Florham Park, said Doug Hudson, Brown & Brown's director of communications and investor relations.
Martin F. Statfeld, president of Statfield, and Marc and Peter Waldor, principals at Waldor, will serve on the firm's executive committee. Peter Waldor will serve as profit center manager in Florham Park. Jerome N. Waldor, president of Waldor, will remain active in the firm, Mr. Hudson said.
Thomas E. Riley, regional executive vice president of Brown & Brown, said the acquisitions allow the firm to grow substantially in the Northeast and will make the New Jersey operation the largest benefits operation within the firm.
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