WSFS offloads insurance business from Bryn Mawr Trust
Wilmington-based WSFS Financial Corporation has sold the business of BMT Insurance Advisors, an independent insurance brokerage and risk management consulting firm across the United States that builds personalized insurance solutions for consumers and businesses, to Patriot Growth Insurance Services, LLC (Patriot).
Financial terms were not disclosed.
The agreement includes an offer of continued employment for all BMTIA associates and is not expected to have a material impact on future revenue.
Based in Fort Washington, Pennsylvania, Patriot is a national insurance services company that partners with employee benefits and P&C insurance agencies across the United States. Patriot’s model provides resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets, according to a statement.
The insurance agency industry has seen a wave of consolidation, with private equity-fueled companies buying up local and regional agencies.
“We weighed many factors in making this decision, with the priority of maintaining high quality service and products for our customers, and continued opportunities for our BMTIA associates,” said Dominic C. Canuso, vice -Executive Chairman and Chief Financial Officer of WSFS. “We are focused on long-term organic growth opportunities for the bank, wealth and trust businesses and our other paying strategic businesses. We determined that the best opportunity for BMTIA was with Patriot, which brings additional product offerings and scale operations to the team and is a leader in the insurance industry.
“I’m thrilled to have BMTIA join the Patriot family because not only are they on an accelerated organic growth path, but they also have an incredibly talented team,” said Matt Gardner, Founder and CEO of Patriot. “As a lifelong Philadelphian, I was already familiar with BMTIA and I’m thrilled that they now have all of Patriot’s nationwide resources to provide to their customers. I know it will be a great partnership.
The deal closed on June 30.