Insurance Specialty Group, LLC, Atlanta, said it has entered into an agreement to acquire El Segundo, Calif.-based E.L.M Insurance Brokers Inc. Terms of the deal, expected to close in mid-May, were not released.
The transaction will merge Insurance Specialty Group's (ISG) subsidiary Pacific Wholesale Insurance Brokers with E.L.M. Insurance. The combined wholesale brokerage firms will have 10 offices throughout the United States, four in California, and one each in Connecticut, New York, Illinois, Georgia, Florida and Texas.
E.L.M. will continue to operate under its own name as part of ISG.
The merged wholesalers will have more than $150 million in revenue and create an agent base of over 1,100 with distribution to over 700 retail clients, the companies said.
Frederick Fisher, president of E.L.M. and past-president of the Professional Liability Underwriting Society, will become a member of ISG's board and senior vice president and director of professional and specialty lines for E.L.M. and Pacific Wholesale.
ISG was formed in 2003 and created Pacific Wholesale as a wholesale insurance broker and managing general agency offering property, casualty and professional lines. E.L.M. Insurance Brokers, founded in 1995, is a wholesale insurance brokerage that provides commercial, professional liability and health care coverage.
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