J. Scott Penny, Regional President of Brown & Brown, Inc. today announced that Brown & Brown of New York, Inc., a subsidiary of Brown & Brown, Inc., has acquired from Alliance Financial Corporation, an independent financial holding company headquartered in Syracuse, New York, substantially all of the assets of Ladd's Agency, Inc., located in North Syracuse, New York. The acquisition includes certain assets of two wholly-owned subsidiaries of Ladd's Agency, Inc.
With annualized revenues of approximately $1.4 million, Ladd's Agency and its predecessors have been providing insurance products and services to businesses and individuals in the greater Syracuse metropolitan area since 1928. Ladd's Agency operations will relocate to Brown & Brown of New York's existing office in Syracuse, under the leadership of Nick Dereszynski.
Mr. Penny, who is responsible for certain retail operations of Brown & Brown of New York, commented, "Ladd's Agency is an established and well-respected name in the Syracuse community. We are excited about the quality of the new employees and clients that will help us continue the growth and success of our Syracuse office."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. The Company's Web address is www.bbinsurance.com.