Declaration Brokerage, LLC, a Mahwah, N.J.-based insurance agency, has acquired the business of RBLA of PA, a Stroudsburg, Penn.-based agency that offers commercial and personal lines coverages.
Declaration Brokerage was formed last September with a growth strategy of acquiring Northeastern retail insurance brokers that focus on commercial lines accounts. Declaration Brokerage is sponsored by Capacity Coverage of New Jersey and Dowling Capital Partners, a private equity fund in Connecticut. The transaction involving RBLA of PA is Declaration Brokerage’s first acquisition since its formation last year.
RBLA of PA, which has been in business for 25 years, is owned and managed by John A. Martone, Jr. Under the deal, Martone will join Declaration Brokerage and manage new business efforts in Stroudsburg.
Declaration Brokerage’s Managing Director Carl Gerson said his firm believes market forces continue to encourage consolidation among smaller retail commercial lines agencies and that Declaration Brokerage is seeking to capitalize on those opportunities that become available in this market segment. Declaration Brokerage is working on a number of other opportunities, Gerson added.
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