Capacity Coverage Affiliate Closes Strategic Investment in Thornwood, NY Based Mt. Pleasant Agency Transaction Results in Insurance Agency's Expansion Into Westchester County
MAHWAH, N.J., June 13, 2014 /PRNewswire/ -- 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 Thornwood, NY-based Mt. Pleasant Agency, Inc. This transaction was completed through Mt. Pleasant Capacity Agency, LLC ("Mt. Pleasant"), a newly formed entity which is jointly owned by ARM-Capacity and by Joseph Picharallo and Keith Shaland, the managing partners of the Thornwood, NY based agency.
Mt. Pleasant sells a broad array of personal and commercial lines of insurance products from its Westchester-based office. The agency will continue to be located in its current offices 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 Mt. Pleasant enables Capacity Coverage and ARM-Capacity to expand business operations into Westchester County. This transaction, the fourth we have announced this year, continues Capacity Coverage's program of expanding through strategic partnerships with high quality agencies. We are delighted to welcome the entire Mt. Pleasant team to the Capacity Group of companies."
David Harris, President of ARM-Capacity, added that "We are convinced that Mt. Pleasant, through the leadership of Joe Picharallo and Keith Shaland, is well positioned to continue to grow and thrive. We are delighted to be working with Joe and Keith as partners."
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 14 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.
For additional information, contact;
Robert G. Lull (201) 661-2000
David Harris (646) 459-2460
SOURCE Capacity Coverage