Calif.’s Strongwood Buys N.Y.-Based Northeast Agencies Network

December 7, 2006

California-based Strongwood Insurance Holdings Corp., owner of Networked Insurance Agents in the western states, has acquired Northeast Agencies Inc., a Buffalo, N.Y.-based aggregator of commercial and personal lines for insurance agents.

Incorporated in 1984, Northeast Agencies has offices in Ft. Lauderdale, Fla. and San Antonio, Texas, and operates throughout the continental United States.

Northeast Agencies will operate as a wholly owned subsidiary of Strongwood Insurance Holdings, joining other Strongwood companies such as Networked Insurance Agents, which provides independent member agents account placement services and access to more than 50 carriers.

Founder Mike Rand will remain at Northeast Agencies, which retains its name and staff of 120 employees.

According to Rick Quagliaroli, CEO of Strongwood Insurance Holdings, Strongwood has invested in Networked Insurance Agents, building out its western-states footprint as it continues to expand nationwide.

“Northeast’s close partnerships with several top carriers complement Networked’s strong historical ties with dozens of leading carriers,” explained Northeast Agencies’ Mike Rand.

Strongwood Insurance Holdings Corp. receives investment support from J.P. Morgan Partners LLC, and was counseled by Mystic Capital, an advisor to insurance agencies.

Source: Strongwood Insurance Holdings Corp.
www.strongwoodins.com

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