Hylant Expands In Indiana
By Mark E. Ruquet
NU Online News Service, June 19, 11:51 a.m. EST?The Hylant Group announced yesterday that by acquiring Conseco Risk Management of Carmel, Ind., it was expanding to become the largest privately-owned independent insurance broker in the state.
The Toledo, Ohio?based broker said W. Michael Wells, the former president and chief executive officer of Conseco, will serve in the same capacity for Hylant of Indianapolis, LLC.
In a statement, Patrick R. Hylant, chairman and chief executive officer of Hylant, said the acquisition is part of the firm's strategy to become one of the top 25 insurance brokers by 2004.
Terms of the acquisition were not released, said Kevin W. Smith, director of Mystic Capital Advisors Group, LLC, in Charlotte, N.C., and an advisor to Hylant on the acquisition.
The acquisition, which became effective yesterday, will see Conseco continue to operate in an autonomous fashion. The full-line retail brokerage firm is one of the largest in the state, ranked in the top 10, Mr. Smith said.
Conseco had written premium of $123.5 million in 2001 and has 98 employees.
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