Patriot Growth Insurance Services LLC has bought Schaefer Enterprises Inc., Patriot said in a statement Tuesday.
Terms of the deal were not disclosed.
Patriot, a broker based in Fort Washington, Pennsylvania, was launched this year.
New York-based Schaefer, founded in 1999, provides business, personal and program insurance, including general liability, property, professional liability and workers’ compensation, the statement said.
Schaefer services companies in the New York metropolitan area in the construction, health care, retail, sports and other industries, the statement said.
All Schaefer employees will join Patriot, Matt Gardner, founder and CEO of Patriot, wrote in an email to Business Insurance.
“We explored a number of strategic alternatives, and in the end found Patriot’s core values to be in complete alignment with our own,” Greg Schaefer, founder and president of SEI, said in the statement.
“Greg and the entire SEI team check every box that we look for in an agency partner,” Mr. Gardner said in the statement. “We’re looking forward to supporting them as they continue to strategically expand their business.”
Announced and reported mergers and acquisitions for U.S. and Canadian insurance agents and brokers were up 10% during the second quarter of 2017 compared with the same period in 2016, at 135 vs. 122, but showed a decline compared with the first quarter of 2017, which had 185.