Technology company Patriot National has acquired construction insurance broker Brandywine Insurance Advisors for $4.2 million.
Brandywine, based in the greater Philadelphia area, specialises in property and casualty, employee benefits and group captive business lines for construction and other industries.
Brandywine's President Rennie Rodriguez will continue to operate the business with his team and will become part of Trigen Insurance Solutions, a subsidiary of Patriot National. The projected 2015 revenue is $2.8 million.
Steven Mariano, chief executive officer of Patriot National, said: ”The acquisition of Brandywine Insurance Advisors further broadens our base of commercial line insurance in specialty areas that require a distinct set of knowledge and expertise that is the hallmark of Patriot's value proposition to its carrier clients.
“We plan to leverage our network of more than 1,600 agents to expand Brandywine's surety and construction sector services offering on a nationwide basis."
Rodriguez added: ”Joining forces with Patriot National presents an exciting opportunity to expand our expertise and carrier relationships across a national platform.
“Patriot has an outstanding reputation for navigating complex lines of insurance and our strength in construction will provide a highly complementary offering to their growing portfolio.”
Patriot National, North America, Brandywine Insurance Advisors, Mergers & Acquisitions