Integro Beefs Up Roster With More Acquisitions

December 24, 2009 Thursday 11:48 AM EST

376 words

Dennis Gorski

NEW YORK

Insurance broker Integro announced one acquisition and expects to announce another within a week, in what it calls an effort to augment its organic growth strategy with selective acquisitions.

President and Chief Executive Officer Peter Garvey announced the purchase of William E. Kelly Agency, a personal-lines agency based in Mamaroneck, N.Y. Terms were not disclosed.

The Kelly agency, located near the Long Island Sound in upscale Westchester County, broadens "Integro's offering of insurance of yachts to our specialty niches," Garvey said in a statement, "Our markets and client profiles align perfectly. Culturally, the two firms are a great fit."

Integro offers marine coverage for commercial clients, including cargo disruption and hull protection and indemnity products.

Garvey said another agency acquisition would be announced within a week. "We're augmenting our organic growth strategy with selected niche acquisitions," Garvey told BestWire. "This is a natural extension of our corporate strategy of strengthening our capabilities" in providing complex property/casualty coverage.

In his interview with BestWire, he noted that Integro added a small London firm to its roster in September. Garvey also said the company is aggressively hiring industry experts. In the second half of this year, for instance, Integro has brought in high-caliber talent for its London, Boston, Atlanta and San Francisco offices.

In its July 2009 edition, Best's Review magazine's fourth annual ranking of top global insurance brokers listed Integro as the 20th largest, based on reported placement of primary insurance business for 2008. Integro reported 2008 brokerage revenue of $60.7 million on total revenues of $63 million. In 2007, the company had brokerage revenues of $57.2 million on total revenues of $58 million.

Its specialty programs insure museums, group personal excess liability, vintage automobile, entertainment and events, life and disability. The company, founded in 2005, is privately held.

Based in New York City, Integro also provides risk management, health care coverage and wholesale and facultative reinsurance. Its Private Client Service division manages risk for clients with substantial assets.

(Dennis Gorski, Best's Review managing editor)