Brown & Brown Set to Acquire New England Excess Exchange
DAYTONA BEACH, Fla. – J. Scott Penny, chief acquisitions officer of Brown & Brown Inc. (NYSE:BRO), and Ralf H. “Goober” Schaarschmidt II and Todd Wood, the owners of New England Excess Exchange (NEEE), today announced that Bridge Specialty Group has entered into an agreement to acquire the assets of NEEE. The transaction is expected to close in August 2023, subject to certain closing conditions, according to a release.
Established in 1981 in Vermont, NEEE has grown to become a leading wholesale MGA providing commercial and personal lines insurance solutions for qualified independent retail brokers throughout New England, Tri-State and Mid-Atlantic regions. With a focus on hard-to-place risks and leveraging technology, NEEE is committed to providing best-in-class coverage options and impeccable customer service. NEEE will continue to operate from headquarters in Barre, Vermont, under the operational leadership of Todd Wood. Ralf “Goober” Schaarschmidt will continue to advise NEEE and provide guidance on strategic projects for Bridge Specialty Group. NEEE will report to Steve Boyd, president of Bridge Specialty Group.
Steve Boyd stated, “We are excited to welcome the New England Excess team to Bridge Specialty Group. The legacy of providing innovative insurance solutions to their retail broker partners is aligned with our strategy and meaningfully expands our capabilities and footprint in the Northeast. This will allow us to further forge key partnerships and collectively unlock new business opportunities.”
Ralf “Goober” Schaarschmidt said, “I am incredibly excited about this next phase for the New England Excess team as we join Bridge Specialty Group. From my parents establishing the firm in 1981 to today, New England Excess has focused on fostering mutually beneficial relationships with our employees, carrier partners and retail agent partners. We are confident that, as part of Bridge Specialty Group, Todd and the team will continue that focus while creating innovative insurance solutions for our customers.”
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With 15,000+ teammates in 500+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbinsurance.com.
Source: https://rvbusiness.com/brown-brown-set-to-acquire-new-england-excess-exchange/
