The Pavese-McCormick Insurance Agency, a third-generation multi-line property and casualty agency based in Monmouth Junction, New Jersey, has been acquired by Florida-based King Insurance, it was announced.
Currently in its 90th year of operation, PMA provides risk management solutions to commercial and personal lines customers.
King, an insurance brokerage based in Gainesville, Florida, provides property and casualty, liability and employee benefit solutions.
New York City-based MidCap Advisors served as the advisor on deal for PMA.
PMA CEO and owner Ray Pavese was glad that they did.
“It’s an understatement to say it’s a difficult decision to sell an agency that has been in business for nearly a century,” he said. “We turned to MidCap Advisors to help us assess the opportunity. MidCap has an excellent reputation as an advisor to the insurance industry and an extraordinary grasp of the bottom-line objectives of independent agencies.”