US insurance brokerage firm Capacity Coverage Co and Transpo Insurance have inked a merger agreement, in accordance with which both firms will merge with and into each other and form a new company, named as TransCap Insurance Agency.
As per the terms of the deal, TransCap will operate from its headquarters in Las Vegas, Nevada, on both a retail and wholesale basis.
Capacity Coverage Co CEO Robert Lull said, "It's not often that two companies can combine where their strengths are so obviously benefitted by working together. The Capacity team looks forward to years of growth and continued success."
Transpo Insurance president Lee Martinez added, "We take change seriously for our clients and our business. It became clear as we developed our future business plan that Capacity was the best fit."
"They are both professional and personal in their business approach and that fits well for our clients and our future."
TransCap Insurance Agency will remain operating in the Limousine, motor coach, school bus and medical transport industries, and will also look to expand into other opportunities.