AssuredPartners Inc. completed its acquisition of Commercial Insurance Services through its newly formed operation, AssuredPartners of West Virginia. This acquisition marks the first platform deal for AssuredPartners in West Virginia.
Commercial Insurance Services specializes in commercial insurance, employee benefits services, workers' compensation insurance, risk management, claims management and personal insurance. Reported revenues for the firm are approximately $9.5 million.
“We've been a strategic partner for our clients for more than 80 years. Aligning our practice with a national agency allows us to better serve our clients through access to an increased number of insurance products and services offerings,” said Frank Baer, CEO of Commercial Insurance Services. “We're excited to take this next step for our agency, and to continue to help our clients plan for the future and protect what matters most.”
Under the terms of the deal, 45 Commercial Insurance Services employees will join AssuredPartners of West Virginia, and the agency will continue to operate out of existing locations in Charleston and Morgantown, W. Va. under the local leadership of Frank Baer and Raye King White.
This acquisition if the second of 2014 for AssuredPartners Inc., and the company will become the seventh AssuredPartners platform entity, joining Neace Lukens of Louisville, Ky.; SKCG of White Plains, N.Y.; Jamison of West Orange, N.J.; Dawson Cos. Of Cleveland, Ohio, SRA of Kansas City, Kan. and AHM of St. Louis, Mo.
“Commercial Insurance Services embodies the attributes we evaluate when identifying firms for potential acquisitions,” said Tom Riley, president and COO of AssuredPartners Inc. “Their impressive business acumen, reputation and market footprint all fit with the AssuredPartners desired partner attributes, and this deal will help us grow the AssuredPartners presence in West Virginia”
“We welcome Commercial Insurance Services employees to the AssuredPartners family, and look forward to providing innovative insurance programs to their clients.”
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