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Insurance broker Vanbridge L.L.C. has agreed to acquire Boston-based Alan Gray Inc. and Deerfield Beach, Florida-based Universal Insurance Services.
A spokeswoman for New York-based Vanbridge declined to disclose the terms of the deals, which are expected to close on April 1.
Alan Gray is an international audit, actuarial, underwriting, reinsurance and risk management firm, and Universal Insurance Services is a life insurance, executive benefits and financial advisory distribution firm, Vanbridge said Tuesday in a statement.
Vanbridge said the acquisitions allow it to leverage the intellectual capital, technical capabilities and client relationships of all three firms to develop reinsurance and insurance products for capital markets, property and casualty, and health and life insurance, according to the statement.
Upon closing, each firm will continue operating out of its current location under its current leadership, the spokeswoman said Tuesday.
“We are effectively bringing all of the services related to insurance, reinsurance and capital markets into a single organization that is focused on providing high-end, bespoke solutions and tailored portfolio aggregation programs,” Philip V. Moyles Jr., managing principal and CEO of Vanbridge, said in the statement.
Spencer Capital Holdings Ltd. on Monday said it has agreed to acquire captive manager USA Risk Group.