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Alera Group said Tuesday it has bought Foa & Son Corp., a New York-based brokerage that places commercial retail, benefits and personal lines business.
Terms were not disclosed.
According to Business Insurance’s 2021 Directory of Agents and Brokers, Foa reported $29.6 million in brokerage revenue in 2020, the latest year for which figures are available. The company, which was founded in 1861, has about 90 employees.
Alera is the 17th largest brokerage of U.S. business, according to BI’s most recent ranking.
Alera Group Inc. said Wednesday it will merge with privately held Tacoma, Washington-based Propel Insurance, as the core investors in the two companies made commitments to inject new capital.