CIAB Sells Consulting Arm
NU Online News Service, Aug. 4, 3:09 p.m. EDT? The Council of Insurance Agents & Brokers in Washington, D.C. announced today the sale of its insurance brokers consulting service subsidiary, the National Registry of Agents and Brokers, to MGL Consulting Corp. of Woodlands, Texas.
NRAB, based in Silver Spring, Md., was chartered by CIAB in 1995. The firm assists CIAB members with state licensing requirements.
Under the agreement, NRAB's offices and operations are moving to MGL's offices in Texas. No other details or terms of the agreement were released.
"This is an excellent move for our members," said Ken A. Crerar, president of CIAB, in a statement. "MGL is a leader in the registration and compliance industry. We are confident that MGL will offer our members the insurance licensing, broker-dealer and investment advisor compliance services they need, and do so with cutting-edge technology."
Mr. Crerar said The Council would continue to work with the MGL leadership team to make sure its members' needs are being met.
"This acquisition underscores MGL's long-term commitment to the insurance licensing and appointment business, and we are confident that by integrating MGL's and NRAB's technology, products and services, we will enhance an already strong offering for CIAB members and other financial services professionals," said Melinda G. LeGaye, president of MGL, in a statement.
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