Florida-based global insurance broker Brown & Brown, Inc. has agreed to acquire Vermont-based wholesale broker New England Excess Exchange (NEEE). The acquisition will be through Bridge Specialty Group, the wholesale insurance division of Brown & Brown with more than 25 niche-focused brands.
Established in 1981 in Vermont, NEEE is wholesale managing general agency serving commercial and personal lines retail brokers and their clients in 15 states throughout the New England and Mid-Atlantic regions, from Maine to North Carolina.
NEEE will continue to operate from headquarters in Barre, Vermont, under the operational leadership of co-owner Todd Wood, while co-owner Ralf “Goober” Schaarschmidt will serve as an advisor to NEEE and Bridge Specialty Group. His parents, Ralf and Mari Schaarschmidt, founded NEEE in Montpelier in 1981. Wood joined the firm in 2019.
NEEE will report to Steve Boyd, president of Bridge Specialty Group.
The transaction is expected to close in August 2023.
Brown & Brown has more than 500 locations worldwide. Bridge Specialty Group’s specialty and wholesale brands include Big Sky Underwriters, Braishfield, Hull & Co., MacDuff Underwriters, Morstan, South & Western, and Summit Risk Services.
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