Mahwah, NJ, May 6, 2014:
Declaration Brokerage, LLC, a Mahwah, N.J.-based insurance agency, has acquired the business of RBLA of PA, a Stroudsburg, Penn.-based agency that offers commercial and personal lines coverages.
Declaration Brokerage was formed last September with a growth strategy of acquiring Northeastern retail insurance brokers that focus on commercial lines accounts. Declaration Brokerage is sponsored by Capacity Coverage of New Jersey and Dowling Capital Partners, a private equity fund in Connecticut. The transaction involving RBLA of PA is Declaration Brokerage’s first acquisition since its formation last year.
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RBLA of PA, which has been in business for 25 years, is owned and managed by John A. Martone, Jr. Under the deal, Martone will join Declaration Brokerage and manage new business efforts in Stroudsburg.
Declaration Brokerage’s Managing Director Carl Gerson said his firm believes market forces continue to encourage consolidation among smaller retail commercial lines agencies and that Declaration Brokerage is seeking to capitalize on those opportunities that become available in this market segment. Declaration Brokerage is working on a number of other opportunities, Gerson added.
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.