Brown & Brown to buy Vermont-based MGA

Brown & Brown Inc. said Monday that its wholesale unit Bridge Specialty Group has agreed to buy New England Excess Exchange Ltd., a wholesale managing general agent.

Terms were not disclosed. The deal is expected to close next month.

Barre, Vermont-based NEEE, which lists about 45 staff, will be led by Todd Wood, who is currently president of the company. Ralf Schaarschmidt, CEO of NEEE, will “continue to advise NEEE and provide guidance on strategic projects for Bridge,” a Brown & Brown statement said.

The MGA offers commercial and personal lines insurance coverage with specialties including liquor liability, transportation, garage and dealers, pollution and professional liability.

It operates in 14 states, largely in New England and on the East Coast, and the District of Columbia.