Insurance brokers Brown & Brown and Integro recently announced several acquisitions in California and New York.
Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. said it has acquired Laguna Hills, Calif.-based Ruland & Mattingley Insurance Services Inc. and Ladd's Agency Inc. located in North Syracuse, N.Y.
With annual revenues of approximately $1.1 million, Ruland & Mattingley offers employee benefits insurance products and services to businesses and individuals throughout southern California. The firm was founded in 1965.
Principal shareholders Lloyd S. Ruland, Philip M. Ruland and their team will join Brown & Brown of California's existing Orange, Calif. office, under the leadership of Tim Casey.
Ladd's Agency was acquired from Alliance Financial Corp., an independent financial holding company headquartered in Syracuse, N.Y.
With annualized revenues of approximately $1.4 million, Ladd's Agency and its predecessors have been providing insurance products and services to businesses and individuals in the greater Syracuse metropolitan area since 1928. The acquisition includes certain assets of two wholly owned subsidiaries of Ladd's.
Ladd's operations will relocate to Brown & Brown of New York's existing office in Syracuse, under the leadership of Nick Dereszynski.
New York-based insurance broker Integro said its reinsurance advisory and brokerage operation, ReSource Intermediaries Inc., has acquired Reinsurance Advisory Services Inc. (RAS), a risk advisor and reinsurance intermediary focused on health care. The firm described it as a small acquisition.
San Francisco-based RAS was launched in 2003 and continues to be led by founder Peter Robinson, who will report to ReSource Intermediaries President Bob Kennedy.
RAS, with deep expertise in managed health care, health, accident, property catastrophe and casualty reinsurance markets, works extensively with health plans and insurance companies owned by multi-hospital systems and other provider groups. The firm's client base includes national, regional and purpose-built insurance companies; federal and state governmental entities; alternative risk entities such as captives and risk retention groups; and managing general underwriters.
Financial terms of the transactions were not disclosed.
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