DRYDEN — Stephen Franco, president of Cortland–based Bailey Place Insurance, describes his firm and Cotterill Agency, Inc. of Dryden as “old, long-standing agencies” in the Tompkins County community. “I had been talking to [agency principals] Doug and Brad Cotterill for a couple of years. We were very interested in doing something with them,” says […]
DRYDEN — Stephen Franco, president of Cortland–based Bailey Place Insurance, describes his firm and Cotterill Agency, Inc. of Dryden as “old, long-standing agencies” in the Tompkins County community.
“I had been talking to [agency principals] Doug and Brad Cotterill for a couple of years. We were very interested in doing something with them,” says Franco.
Bailey Place Insurance of Cortland, which operates an office in Dryden, has announced it will acquire the Cotterill Agency, effective Dec. 31.
The agency didn’t release financial terms in its Oct. 6 news release. Franco spoke with CNYBJ on Nov. 9.
He recalled connecting with and spending time with Doug Cotterill during an insurance-agency event in Florida back in March.
“He really wanted to feel good about selling [his agency] to a local business,” says Franco.
Both firms offer personal and commercial lines of insurance from multiple carriers, according to their websites.
Since Dryden is a small community, some customers used both agencies for different purposes. For example, Bailey Place would insure someone’s home, while the Cotterill agency could insure their car.
“It was a very good fit for us,” he adds.
Bailey Place Insurance says it has served the Dryden community for 80 years, according to its news release. The Cotterills founded their agency in 1993, according to the Cotterill website.
Doug and Brad Cotterill are brothers and plan to retire, according to Franco.
“They’ll be available to transition accounts throughout 2016. They’re basically going to be in a more [consulting type of] role,” says Franco.
Bailey Place, as part of the deal, 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 Franco.
Bailey Place has rented its office space at 5 South St. in Dryden.
“I wanted to buy a building in Dryden. I thought that their building was much more favorable than the one we’re in as far as location [is concerned],” he adds.
Bailey Place bought the Cotterill building for $170,000, says Franco. He anticipates spending between $40,000 and $50,000 for renovations that will continue into January.
Mollie Riley Interiors Inc. of Homer is handling the interior-design work. Bailey Place will use subcontractors for the majority of the work, such as B&B Floor Coverings of Dryden and the Glass Smith, Inc. of Homer, which handling the window work, according to Franco.
The company is using private financing to cover the cost of the acquisition, while it’s paying for the building purchase in cash, he says.
Once the acquisition closes, two Cotterill Agency employees, Veronica Hall and Chrystle Terwilliger, will join the staff at Bailey Place, which will then have 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 Bailey Place 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.