Fort Lauderdale, Florida-based Patriot National Inc. announced that it has acquired Brandywine Insurance Advisors, a specialty insurance brokerage focusing on the construction industry.
Patriot National said the total purchase price, assuming all earn-out criteria are met, would be $4.2 million. The projected 2015 revenue is $2.8 million.
Brandywine, based in the greater Philadelphia area, offers products and services in property/casualty, employee benefits and group captive business lines for construction and other industries. Brandywine’s President Rennie Rodriguez will continue to operate the business with his team and will become part of Trigen Insurance Solutions, a subsidiary of Patriot National.
Patriot National said the Brandywine acquisition further broadens its base of commercial line insurance in specialty areas. Patriot National said it plans to leverage its network of more than 1,600 agents to expand Brandywine’s surety and construction sector services offering on a nationwide basis. The deal is expected to be immediately accretive to EBITDA.
Patriot National is a national provider of technology and outsourcing services within the property/casualty marketplace, primarily in workers’ compensation, for insurance companies, employers, local governments and reinsurance captives. Patriot National provides general agency services, technology outsourcing, software services, specialty underwriting and policyholder services and claims administration services to its insurance carrier clients and other clients.
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