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Smith Brothers eyes architect and engineer niche with latest merger

By Traci DeLore (tdelore@cnybj.com)

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Connecticut–based Smith Brothers Insurance — which has New York offices in Owego, Vestal, Waverly, and Rensselaer — recently merged with another Connecticut insurance agency. It’s a move the firm hopes will grow its presence in the architect and engineer niche. PHOTO CREDIT: SMITH BROTHERS INSURANCE

Smith Brothers Insurance, a Connecticut–based insurance broker with New York offices in Owego, Vestal, Waverly, and Rensselaer, recently merged another Connecticut company into its operations. It’s a move that makes the company one of the largest advisors and brokers for architects and engineers in the northeast.

With the merger, Maloney & Company, LLC, in Guilford, Conn., along with Michael J. Maloney, principal, and his team are now part of Smith Brothers Design Professional team, led by Principal Scott Smith.

Maloney’s niche in architecture and engineering dovetails nicely with Smith’s New York niche of public entities, school districts, and municipalities, says Partner Michael Constantine.

“There’s a lot of synergies there,” he says.

The merger is one that makes sense, Partner Jared Carillo says. Maloney specialized in architecture and engineering, fitting smoothly into Smith Brothers’ architect and engineer vertical line. The two companies, in fact, have been friendly competitors for years, he adds.

“I am delighted my team and I will be joining Smith Brothers,” Michael Maloney said in a news release announcing the merger. “This combination will allow us to leverage the resources of Smith Brothers and expand the range of products and services we can offer our clients including health insurance, employee benefits, financial and retirement planning, success planning, surety, labor and HR compliance, and personal lines. By augmenting Smith Brothers’ existing design-professional program, we look forward to helping our existing and future clients even more fully as part of our combined operations.”

The merger is one of several Smith Brothers has made recently. Last September, the firm acquired the Palmer Family Insurance Agency in Marathon in Cortland County.

“We are in active growth mode,” Carillo notes.

Constantine says Smith Brothers is always looking for agencies to acquire, either because an owner is looking to retire or otherwise exit the business or because they want to grow their business but need help to do so.

“We’re really looking to be known as the buyer of choice,” he says.

“The buyer of choice, employer of choice, broker of choice,” Carillo adds. The company’s pillars are based on being a first-class employer and a first-class resource for clients.

Smith Brothers currently employs about 250 people across 12 office locations and is always looking to grow that number.

“We’re always on the lookout to find talent,” Constantine says.

Founded in 1971 by brothers Bob and Brian Smith, the company is a full-service agency and independent broker licensed in every state. Along with Connecticut and New York locations, it also has offices in Massachusetts and New Jersey.    

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