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.
A company representative said by e-mail that the nine-member Cambridge Alliance, which wrote $10 million in premium, will remain at its current location.
Mike Rozenberg, president and chief operating officer of Shand Morahan, said in a statement, “We believe this move will enhance our professional liability portfolio by adding investment advisors with a recognized, quality specialist–Cambridge Alliance.”
He added that the move “is intended to complement our established focus on professional liability and expand our offering in the financial services arena.”
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