DRYDEN, N.Y. — Bailey Place Insurance of Cortland has announced it will acquire the Cotterill Agency Inc. of Dryden, effective Dec. 31.
No financial terms were disclosed.
Both firms offer personal and commercial lines of insurance, according to their websites.
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In the deal, Bailey Place has purchased the Cotterill office building at 78 North St. in Dryden. The Cortland firm will relocate its Dryden branch to the Cotterill building after completing some renovation work in early 2016, according to a news release it issued.
The Dryden office of Bailey Place Insurance currently operates at 5 South St. in Dryden, according to its website.
Bailey Place Insurance says it has served the Dryden community for 80 years.
“The Cotterill Agency is well regarded in the insurance industry for their knowledge and professionalism and has been a market leader in Cortland and Tompkins County for over 20 years. We are excited to have the opportunity to serve their customers,” Stephen Franco, president of Bailey Place Insurance, said in the release.
Doug and Brad Cotterill will “remain involved during the transition,” according to the Bailey Place release. Two Cotterill Agency employees, Veronica Hall and Chrystle Terwilliger, will join the staff at Bailey Place.
The firm currently has 25 employees.
Doug Cotterill has been working in the insurance industry since 1973, and Brad Cotterill has since 1982, according to the Cotterill Agency website.
“This was simply a great fit,” Doug Cotterill said in the release. “Our clients will continue to receive the same quality, friendly service they are accustomed to, but will also have access to more insurance companies and see improvements in technology.”
Besides its offices in Cortland and Dryden, Bailey Place Insurance operates an office at 2428 N. Triphammer Road in Lansing, just north of Ithaca.
Bailey Place represents most major insurance companies and provides insurance and risk-management services for families, businesses, municipalities, and nonprofit organizations across the region, according to its release.
