BISYS Acquires Calif. Wholesaler
NU Online News Service, March 17, 2:57 p.m. EST?New York City-based financial services firm BISYS has acquired San Francisco-based wholesale broker Tri-City Brokerage.
BISYS said the acquisition marks the firm's "entrance into the high-growth commercial property-casualty insurance marketplace."
Terms of the transaction were not disclosed.
In 2002, Tri-City produced approximately $500 million in premiums.
Among its services, BISYS is a broker of life insurance, annuity, long term care and disability products through its BISYS Insurance and Education Services. For fiscal year 2002, ending June 30, the firm brokered life-related insurance with policy premiums exceeding $400 million and annuities representing more than $1.3 billion in premiums.
Tri-City will operate as a subsidiary of BISYS Insurance and Education Services group. The wholesale broker will maintain its offices in San Francisco, Chicago, New York City and Long Island, N.Y., BISYS said.
"Our goal is to be the nation's largest independent commercial p-c wholesaler," said Dennis Sheehan, president and chief executive officer of BISYS, adding that this acquisition is a major component to accomplishing that goal.
Additional information is available at www.bisys.com.
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