Mercator Risk Services, a New York-based specialty wholesale insurance broker, announced today it has acquired the Tennant Risk Services Insurance Agency brokerage in Hartford, Conn.
While financial information concerning the transaction was not disclosed, Tennant did say that Tennant/Mercator's combined premiums in 2007 were $100 million.
Tennant is a wholesale broker and underwriting manager specializing in a range of professional and management liability coverages, including errors and omissions, directors and officers liability, employment practices liability, architects and engineers, medical malpractice and cyber liability.
Mercator said Tennant currently has 16 employees who will become Mercator's Hartford office and that Tennant President Bob Sargent will become executive vice president of Mercator but remain in Hartford to run that office.
“Bringing the Tennant and Mercator teams together is win-win in our eyes,” said Mercator Chief Executive Officer Chris Treanor. “Bob Sargent, Kim Byrd and their team have an unparalleled reputation in the professional liability space, and it only builds on our commitment to provide retail clients with the highest level of specialization in designated industry and product practices.”
Mr. Sargent said, “We have been impressed with the business model Mercator has brought to wholesale insurance and are looking forward to combining our offerings.”
He added that joining Mercator will “enable us to grow our business strategically through its national platform, innovative marketing capabilities and broad market access.”
“Collectively, our clients will benefit as we provide a wider range of solutions when confronted with tough-to-place accounts or complex issues. Our commitment to expertise and service is consistent with Mercator's approach and will allow our clients to win accounts,” said Mr. Sargent.
“Under Bob's leadership, Mercator will build out a small-business commercial platform to efficiently provide solutions to smaller risk issues, which Mercator will extend to its clients countrywide,” said Mr. Treanor.
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