The chief executive of Sky Insurance, a bank-owned insuranceagency, said its acquisition of an outlet in Pittsburgh is part ofa plan to grow the company to $90 million in revenue by 2007.

Sky said yesterday it had purchased Peter B. Burke Agency Inc.,a full-service insurance agency specializing in property-casualtyinsurance and surety services since its founding by Peter Burke in1995. Terms were not disclosed.

Jerry Batt, chief executive officer of Sky Insurance, asubsidiary of Sky Financial Group Inc., the holding company ofBowling Green, Ohio-based Sky Bank, told National Underwriter thatthe acquisition is small for Sky Insurance but contains “some niceyoung talent,” and the agency has enjoyed “friendly competition”with Sky over the years.

He said the six Burke employees will eventually be consolidatedinto Sky's network of over 400 employees and 22 locations.

“Peter B. Burke's expertise in property and casualty insuranceas well as sureties will not only complement our existing businessin Pittsburgh but it also provides us the opportunity to expand ina metropolitan growth market for Sky,” Mr. Batt said in astatement.

“Sky has been an active participant in the Pittsburgh marketsince its acquisition of Meyer & Eckenrode Insurance Agency in2000, and the Peter Burke Agency has been a strong competitor thatwe identified some time ago as an attractive future partner,” headded.

While Sky is a young operation itself, founded in 1999, Mr. Battsaid the Burke agency will join an insurance services company withcurrent revenue of $60 million that aims to grow to $90 million inrevenue by 2007. He said the operation has managed to double itsrevenue every two years since its founding.

The firm deals in property-casualty insurance, employeebenefits, personal lines, professional liability, and some life andhealth, writing polices primarily in Ohio, Michigan andPennsylvania.

Growth plans, he said, are to follow the footprint of Sky Bank($15 billion in assets) and continue an acquisition strategy thatsaw five acquisitions last year–and an equal number are planned in2006, Mr. Batt said.