A well known company in the Cortland area, Bailey Place Insurance, has announced the company will acquire Tanner Ibbotson, effective on April 1st 2024.
President of Bailey Place Insurance, Stephen Franco, says the merger between the two companies will not impact client relationships and will bolster the agency’s offerings.
“(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. “I’m thrilled to have the opportunity to work with him on a daily basis.”
Tanner Ibbotson’s office, which is located on Commons Ave. will close permanently once the merger is complete. No layoffs are planned during the merger and a majority of the over 30 Bailey Place workforce will operate at the Cortland Office located on North Main Street.
With Bailey Place acquiring Tanner Ibbotson, the company says it will continue to offer top-tier advantages on the technology side with a client portal, cloud-based computing, and more. In addition, acquiring Tanner Ibbotson, who has a robust employees benefits division will now be available to Bailey Place’s commercial clients as well as additional carriers including: 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. “The transition will be seamless.”
Bailey Place Insurance’s history dates back to 1858 in Cortland while Tanner Ibbotson was founded in 1928.