Santa Ana, CA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Scottish American announced today that it acquired American Emerald Group, Inc. (“AEG”) of Manchester, NH on September 1, 2022. Terms of the transaction were not disclosed.
AEG was started in September 2011 by Dennis Reilly, who still leads the company today. AEG is a wholesale broker that specializes in northeast residential and commercial real estate.
“The executives at AEG have spent the majority of their careers on the underwriting side, running major insurance companies,” says Dennis Reilly, CEO and President of American Emerald Group. “Because of this, AEG's success is knowing what underwriters want in their submissions and addressing all exposures on each individual account. We look forward to building on this success as part of Scottish American.”
“I’m pleased to welcome American Emerald Group to Scottish American,“ says Steven A. Cook, Interim CEO/COO, Scottish American. “AEG's philosophy is based on innovation and responsiveness to all key underwriting areas, and I know they will be successful as part of our team.”
Giordano Halleran Ciesla provided legal counsel to Scottish American. APEX Business Consulting Inc. provided legal counsel to AEG, and Agency Brokerage Consultants advised them on the transaction. No other advisors, diligence firms or legal counsel were disclosed.
About Scottish American
Scottish American was founded in 2009. It grew out of an investment fund focused on acquiring and managing insurance distribution businesses. The company takes pride in its unconventional, producer-led culture. Teamwork is exemplified by lack of official titles and entirely flat organizational structure. Responsibility isn’t delegated, it’s taken. Scottish American works with a long list of carriers in both admitted and non-admitted markets on the East and West Coasts, as well as in Texas. For more information, please visit www.scottishamerican.com.
