UnionBanCal Buys Tanner Insurance Brokers
NU Online News Service, April 4, 1:50 p.m. EST?UnionBanCal Corp. in San Francisco announced its main subsidiary, Union Bank of California, has purchased Tanner Insurance Brokers Inc., a full-service independent brokerage for property-casualty insurance products.
Based in Pleasanton, Calif., Tanner focuses on middle-market commercial companies and several industry niche groups, and writes annual premiums of some $250 million.
The deal, completed March 31, is part of a strategy to provide more value to commercial customers, UnionBanCal said, by offering a broader range of business and financial services. Terms of the transaction were not disclosed.
Tanner is the third insurance agency acquisition by the bank in little more than a year. Last December, it purchased John Burnham Insurance Services in San Diego, and in November 2001, the bank bought Fullerton, Calif.-based Armstrong/Robitaille Business and Insurance Services.
In its acquisition announcement, Richard C. Hartnack, vice chairman of Union Bank of California, noted Tanner Insurance Brokers' market niche, which includes such industries as manufacturing, distribution and wholesale/retail, is quite compatible with the bank's client base.
"This acquisition is especially important because it marks our first entr?e into Northern California, which will be significant to our commercial and retail customers in that region," added Dale Jansen, Union Bank's senior vice president and head of the bank's insurance subsidiary.
UnionBanCal Corp. is a bank holding company with assets of more than $40 billion. Its primary subsidiary, Union Bank of California, is the third-largest commercial bank in California, with 259 banking offices in California, six in Washington and Oregon, and 18 international facilities.
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