Brown & Brown Acquires Two N.J. Agencies

March 8, 2004

Florida-based Brown & Brown, Inc. announced that it has acquired the assets of Statfeld Vantage Insurance Group and Waldor Agency, Inc. Both are located in Florham Park, New Jersey.

Joint announcements were made by Thomas E. Riley, Regional Executive Vice President of Brown & Brown, Inc., Martin F. “Marty” Statfeld, President of Statfeld Vantage and Jerome N. “Jerry” Waldor, President of Waldor Agency.

Statfeld Vantage has annualized revenues of approximately $11 million, and “is a general insurance agency serving a broad array of clients in New Jersey and surrounding states, with a specialization in benefits consulting and plan design,” said the bulletin. “The agency will become part of a new freestanding Brown & Brown profit center, with Marty Statfeld becoming a member of the Brown & Brown Executive Committee.”

The Waldor Agency has annualized revenues of approximately $13 million, and “is a retail insurance agency which serves the general commercial property and casualty insurance needs of a wide range of clients throughout New Jersey and surrounding states,” said the announcement. “The agency will become part of a new freestanding Brown & Brown profit center, with Peter Waldor serving as profit center manager. Both Marc and Peter Waldor will serve on Brown & Brown’s Executive Committee.”

Riley, who directs Brown & Brown’s Northeastern U.S. operations, commented that his company felt quite fortunate to have acquired the two agencies. He noted that Brown & Brown is becoming an increasing presence in the Northeast, and that the acquisitions would allow continued expansion. He indicated that the Waldor Agency would become “our anchor office in New Jersey.”

Marty Statfeld, stated, “I am very proud to become a part of the Brown & Brown organization, and look forward to a long and profitable partnership.”

Commenting on the move, Peter Waldor, said, “We are thrilled to partner with the fine Brown & Brown organization. With their great resources we will be able to take our business to the next level.”

Was this article valuable?

Here are more articles you may enjoy.