The Andrew Agency, a Richmond, Va., headquartered insurance broker, has acquired Wallace & Wallace, a Cabin John, Md., based provider of commercial and personal lines property and casualty insurance for high net worth clients.
The acquisition is effective January 1, 2017. Terms of the transaction were not disclosed.
With this acquisition, The Andrew Agency plans to expand its footprint into Maryland and Washington D.C. Employees of Wallace & Wallace will join The Andrew Agency team, which will continue to operate under its existing name.
Going forward, The Andrew Agency is pursuing continued growth through targeted acquisitions of specialized property and casualty agencies throughout the Mid-Atlantic region, according to a company press release.
“As we continue to grow, we are seeking specialized agencies throughout the Mid-Atlantic region,” said Ryan Andrew, president of The Andrew Agency, in the release. “Wallace & Wallace will further strengthen our high net worth division and increase our commercial client base.”
Source: The Andrew Agency
Topics Mergers & Acquisitions Maryland
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