US-based Patriot National has purchased Philadelphia-based Brandywine Insurance Advisors, a specialty insurance brokerage that provides services to the construction industry.
Brandywine, which has been acquired for $4.2m, is specialized in property and casualty, employee benefits and group captive business lines for construction and other industries.
According to Patriot, the acquired business is expected to generate revenue of $2.8m in 2015.
Patriot National CEO Steven Mariano said: "The acquisition of Brandywine Insurance Advisors further broadens our base of commercial line insurance in specialty areas that require a distinct set of knowledge and expertise that is the hallmark of Patriot’s value proposition to its carrier clients.
"We plan to leverage our network of more than 1,600 agents to expand Brandywine’s surety and construction sector services offering on a nationwide basis."
Earlier this month, the company also acquired Candid Investigation Services, an insurance risk management firm that operates in New Mexico and Texas.
Patriot National offers general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services and claims administration services to its insurance carrier clients and other clients.