Commerce Bancorp buys Conn. s BK International Insurance Brokers
Commerce Insurance Services, a subsidiary of Commerce Bancorp, Inc. has reached an agreement to acquire BK International Insurance Brokers Ltd., headquartered in Greenwich, Connecticut.
The acquisition complements Commerce Bank’s expansion in Connecticut, where it will continue its first two stores in Norwalk and Fairfield end of July 2005. Commerce plans to open 25 stores in Fairfield County, in the overall context of New York, U-Bahn growth strategy. In all Commerce network includes 326 stores, the metro Philadelphia, New York, U-Bahn and U-Bahn Washington, DC
Established in 1987, BKIIB provides commercial insurance accounts throughout New York, U-Bahn, as well as other sectors of the market in USA. In addition, the company has developed a special process in carrying out the diversity of insurance needs of customers in education. BKIIB also provides benefits to workers of high quality and offers personal lines of insurance.
With serving national accounts, BKIIB has an international network of insurance brokers that spans a number of countries, including Italy, France, Spain, the Netherlands, United Kingdom, New Zealand, Australia, Hong Kong and Singapore.
BKIIB Chairman and Chief Operating Officer David E. Kimball, Jr. Chairman and Chief Executive Officer John F. Betz CIS, growth in the New Yorker U-Bahn. Shelley M. Levine, Frank Lee Pierce Lyon and other BKIIB’s members of the Executive Management Team, may join.
“The acquisition of BK International is the ideal medium for commerce, a significant presence in the New Yorker U-Bahn and market expansion, in conjunction with the Bank of Commerce of the overall strategy for growth,” said CIS President and Chief Executive Officer George E. Norcross. “We are very pleased that the highly skilled members of the International Executive BK join the team of Commerce Insurance. Insurance his many experiences and intensive care of customers is certainly concentrate the game with an ideal of Commerce and Business Services Culture. ”
With the addition of BKIIB, trade insurance, which is based in Cherry Hill, New Jersey, USA, operates a network of 15 regional offices of five, including headquartered in Cherry Hill, Toms River and Randolph, New Jersey, Wilmington, Delaware, Greenwich, Connecticut.
With a volume of annual premiums of nearly $ 1 billion, CIS offers a range of communications services to employees and personal insurance coverage to more than 130000 customers in all 50 states. In recent years, CIS has also expanded its focus on development Specialty Insurance practices to serve clients whose needs further develop more traditional protection of commercial insurance, particularly in the areas of education, life sciences and biotechnology, research, public institutions, construction, De la professional liability insurance contracts, and risk control.
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