CORTLAND, N.Y. — Cortland–based Bailey Place Insurance says it has agreed to acquire Tanner- Ibbotson, Inc., also of Cortland, in a deal that combines two long-time local agencies, effective April 1, 2024. Stephen Franco, president of Bailey Place, said the deal will not impact client relationships and that the acquisition will “bolster” the agency’s offerings, […]
CORTLAND, N.Y. — Cortland–based Bailey Place Insurance says it has agreed to acquire Tanner- Ibbotson, Inc., also of Cortland, in a deal that combines two long-time local agencies, effective April 1, 2024.
Stephen Franco, president of Bailey Place, said the deal will not impact client relationships and that the acquisition will “bolster” the agency’s offerings, per his firm’s Nov. 13 news release.
“[Tanner-Ibbotson President] Eric Mertz and I have been friends for many years and have enjoyed leaning on each other when faced with coverage or technical questions,” Franco said in the news release. “I’m thrilled to have the opportunity to work with him on a daily basis.”
The release didn’t include any financial terms of the acquisition agreement.
The combined agency will move forward as Bailey Place Insurance, Franco tells CNYBJ in an email. Tanner-Ibbotson’s office at 1109 Commons Ave. in Cortland will close permanently in April.
No layoffs are planned, per the news release, and most of the expanded Bailey Place workforce of more than 30 people will operate from the company’s office at 2 North Main St. in downtown Cortland. Bailey Place also has offices in Dryden and Ithaca.
Bailey Place’s roots in Cortland go back to 1858. Tanner-Ibbotson was founded in 1928.
Bailey Place will remain independently owned and operated and will continue offering a client portal and cloud-based computing. Tanner-Ibbotson has a “more robust” employee-benefits division which will “add value” for Bailey Place’s commercial clients, the acquiring firm noted.
Tanner-Ibbotson clients will now also have access to additional carrier options such as Erie Insurance, Cincinnati Insurance, and Liberty Mutual.
“Our clients will be hearing from us directly in the weeks ahead about the benefits of this acquisition,” Mertz said in the release. “The transition will be seamless.”
When asked why Mertz decided to sell the agency, Franco tells CNYBJ that Mertz was ready to have someone else handle the administrative and operational side of the business, so he could focus on working with clients.
