Primary Group Incorporated (PGI), the U.S. holding company of Bermuda-based insurance distributer Primary Group Limited, has acquired New Age Brokerage, LLC. The transaction, which closed March 17, 2005, involves the purchase of 51 percent of the company with an option to acquire the remaining shares at a later date.
Established in 1990, NAB operates as a program administrator working with independent producers in the placement of commercial real estate risks. NAB provides service to over 600 producers nationally with significant representation in California. NAB’s book of business complements PGI’s existing book such that PGI’s footprint now extends from California through the Midwest to the East Coast.
Richard Trezza, who remains a significant shareholder in the business, will assume the role of president and chief executive officer. Bradford Wagner will serve as vice president and program manager, and will retain responsibility for underwriting operations.
Primary Group Incorporated, which operates solely in North America, is a U.S.-based holding company headquartered in Annapolis, Maryland; NAB is the third acquisition it has made in the last 6 months.
Primary Group Limited is a Bermuda-based international organization transacting annual insurance premiums in excess of $1.3 billion (U.S.). Primary Group, established in 1997, has insurance operations in seven countries throughout Europe, the Middle East and the Far East, with more than 500 employees worldwide. (www.primarygroup.bm)
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