2006 | Press Release

Dec 1 , 2006 – Strongwood Insurance Holdings acquires Northeast Agencies, Inc.

Strongwood Insurance Holdings Corp. Establishes
National Distribution Network with Acquisition of Northeast Agencies, Inc.
Dec 1, 2006 ñ Monterey, CA ñ California-based Strongwood Insurance Holdings
Corporation has acquired Northeast Agencies, Inc., a leading aggregator of Commercial
and Personal Lines for insurance agents. Incorporated in 1984, Northeast Agencies is
headquartered in Buffalo, NY with offices in Ft. Lauderdale, FL and San Antonio, TX,
and has operations throughout the continental United States. Founder Mike Rand will
remain at Northeast Agencies which retains its name and 120 professional staff.
Northeast Agencies will operate as a wholly owned subsidiary of Strongwood Insurance
Holdings, joining other Strongwood companies such as Networked Insurance Agentsô,
which provides independent member agents a full line of Professional Account
Placementô services and access to more than 50 preferred ëAí rated carriers.
ìWe are very excited about bringing Northeast Agencies into Strongwoodís growing
portfolio of business enterprises,î stated Rick Quagliaroli, CEO of Strongwood Insurance
Holdings. ìStrongwood has invested in Networked Insurance Agents, building out its
western-states footprint as it continues to expand countrywide.î
Available to Northeast Agencies is Networked Insurance Agentsí proprietary online, realtime, multicarrier quoting and binding systems for Commercial and Personal Lines,
NLink CL and NLink PL. ìNetworkedís state-of-the-art rating systems enable Northeast
Agencies to make immediate strides in productivity,î stated Brent Humes, COO at
Networked. ìUpon entering the needed information, agents receive up to five
competitive quotes in a matter of minutes, with binding taking a fraction of the customary
time.î
ìNortheastís close partnerships with several top carriers complement Networkedís strong
historical ties with dozens of leading carriers,î explained Northeast Agenciesí Mike
Rand. ìThere are many new opportunities for Northeast to provide its retail agents an
unparalleled array of quality markets.î
Strongwood Insurance Holdings Corporation receives investment support from J.P.
Morgan Partners, LLC, a leading private equity firm, and was counseled by Mystic
Capital Advisors Group, LLC, a leading advisor to insurance firms.
About J.P. Morgan Partners:
J.P. Morgan Partners, LLC (“JPMP”) is a private equity division of JPMorgan Chase &
Co. (NYSE: JPM), one of the largest financial institutions in the United States. JPMP has
invested over $15 billion worldwide in consumer, media, energy, industrial, financial
services, healthcare and technology companies since its inception in 1984.
As of August 1, 2006, the senior professionals of JPMP have formed new entities
independent of JPMorgan Chase & Co. As was announced in March 2005, the buyout
and growth equity professionals of JPMP have formed a new independent firm, CCMP
Capital Advisors, LLC (“CCMP Capital”), and the venture professionals have separately
formed a new independent firm, Panorama Capital, LLC (“Panorama”). CCMP Capital
and Panorama will continue to manage the JPMP investments pursuant to a management
agreement entered into with JPMorgan Chase & Co.
For information about Mystic Capital Advisor Group, LLC contact Kevin P. Donoghue at
212-251-0972.
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