Richmond insurance broker acquires Maryland agency
The Andrew Agency, a Richmond-based insurance broker, has acquired Wallace & Wallace, an insurance agency based in Cabin John, Md.
The deal was effective on Jan. 1. Terms of the transaction were not disclosed.
Wallace & Wallace specializes in commercial and personal lines property/casualty insurance for high net-worth clients.
With the acquisition, The Andrew Agency is expanding its footprint into Maryland and the District of Columbia.
“As we continue to grow, we are seeking specialized agencies throughout the mid-Atlantic region,” Ryan Andrew, president of The Andrew Agency, said in a statement. “Wallace & Wallace will further strengthen our high net-worth division and increase our commercial client base. We are excited to welcome employees of Wallace & Wallace to The Andrew Agency team.”
Employees of Wallace & Wallace, will join The Andrew Agency team and will continue to operate under their firm’s existing name.