Mahwah, NJ, May 30, 2016:
The Capacity Coverage Company of New Jersey, Inc. (“Capacity Coverage”), and ARM-Capacity of New York, LLC, the Manhattan-based affiliate of Capacity Coverage (“ARM-Capacity”), today announced the acquisition of the assets of Manhattan based Castle Rock Agency, Inc. This transaction was completed through Castle Rock Capacity LLC, a newly formed entity which is jointly owned by ARM-Capacity and by Jon Lipton and Brett Lipton, the owners of Castle Rock Agency, Inc.
Castle Rock sells a broad array of commercial and personal lines of insurance products from its midtown Manhattan-based office. The agency will relocate over the next several months into ARM-Capacity’s offices in the Wall Street area and, through its affiliation with Capacity Coverage, will be able to provide its customers with access to a broad array of insurance carriers and products.
Robert G. Lull, CEO of Capacity Coverage, stated, “Our investment in Castle Rock is the next step in our strategic plan for growing our New York operations. We now have substantial New York operations in Manhattan, Long Island and Westchester and want to continue entering into strategic partnerships with the owners of high quality agencies. ARM-Capacity is one of our fastest growing affiliates, under the leadership of David Harris. We are delighted to welcome the entire Castle Rock team, headed by Jon Lipton, to ARM-Capacity and the Capacity Group of Companies.”
About Capacity Coverage
Capacity Coverage offers an expansive range of standard and customized insurance and financial products, while providing superior customer service for all types of businesses, industries, and individuals. The Capacity Group has a diversified insurance distribution and product platform in Retail, Wholesale and Specialty Program business, as well as all types of personal, commercial, specialty and benefits lines of business. The firm is headquartered in Mahwah, NJ and has 19 offices nationwide. It has grown organically and through a series of acquisitions and strategic partnerships to become one of the 100 largest insurance brokerage firms in the U.S. It is currently ranked number 43 by Business Insurance magazine, and is among the Top 25 privately held brokerage firms in the U.S. by Insurance Journal magazine. ARM-Capacity has been a partner company with Capacity Coverage since 2007.