Benzinga | Apr 14, 2021 06:49AM EDT

Brown & Brown Reports Acquisition Of Substantially All Assets Of Leon Silver Associates, No Terms Disclosed

J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Steven V. Guarino, Michael S. Silver, and Shari M. Silver, the owners of Leon Silver Associates, LLC (Leon Silver), today announced that a Bridge Specialty Group company and subsidiary of Brown & Brown, Inc. has acquired substantially all of the assets of Leon Silver.

Based in Metuchen, New Jersey, Leon Silver is a wholesale broker offering commercial and personal lines property and casualty insurance products through its network of retail agents in New York, New Jersey, Pennsylvania, Florida, Connecticut, and Delaware. The firm was founded by Michael and Shari Silver's father, Leon G. Silver, and has roots dating back to 1971. Following the transaction, the Leon Silver operations will become part of Bridge Specialty Group's "Morstan General Agency" office (Morstan). The combined operations will do business from Morstan's Woodbridge, New Jersey location under the leadership of Tommy Rhodes, who, together with Bridge Specialty Group's Executive Vice President, Kathy Colangelo, has oversight responsibility for Morstan.

Mr. Rhodes stated, "Leon Silver has a long history of delivering high-quality products and service to retail agents, which has paved the way for its five decades of growth and success. We have been extremely impressed with the Leon Silver team's leadership and talent and believe joining forces is a win-win for our collective teams and the retail agents we serve."

Mr. Silver commented, "This is an exciting new chapter in the history of Leon Silver Associates. By joining forces with the Morstan team, we will enhance our product offering for our retail agent partners, while providing greater career opportunities for our dedicated employees. We are very excited about the future."

Bridge Specialty Group, LLC was launched in February 2021 by Brown & Brown, Inc. to encompass its broad portfolio of wholesale insurance businesses and is focused on bringing the power of its collective size and specialty to the wholesale brokerage marketplace. Composed of more than 25 boutique brands, Bridge Specialty Group is creating a more seamless way to connect the varying needs of our retail partners with the market clout and talents of our wholesale entities. To learn more about Bridge Specialty Group and our team of niche-focused brands, visit our website at bridgespecialtygroup.com.