Brown & Brown buys Vermont MGA targeting hard-to-place risks

US insurance brokerage  Brown & Brown has acquired a Vermont-based commercial and personal lines MGA specialising in hard-to-place risks, in a bid to expand its capabilities and footprint in the US Northeast.

Bridge Specialty Group, a subsidiary of Brown & Brown, has entered into an agreement to acquire New England Excess Exchange (NEEE), a wholesale MGA that provides commercial and personal lines insurance solutions for independent retail brokers throughout New England, Tri-State, and Mid-Atlantic regions. NEEE was founded in 1981 in Vermont.

Following the deal, 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.

Boyd said: “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.”

Goober commented: “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.”

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