NU Online News Service, Aug. 7, 1:52 p.m. EDT
UMB Scout Insurance Services, Inc. announced the brokerage has arranged to purchase Chapman-Sander, an independently-owned insurance agency in St. Louis, Mo., in an all-cash deal. Financial details were not disclosed.
Kansas City, Mo.-based UMB Scout, an affiliate of UMB Financial Corp., said the newly acquired agency, which employs 20 persons, will operate as an office of UMB Scout and will retain the Chapman-Sander name.
Ron Burlison will remain as president of Chapman-Sander, reporting to Roger Forystek, president of UMB Scout Insurance. UMB Scout said the Chapman Sander employees are expected to be retained.
Mr. Forystek said in a statement, "This is UMB's first acquisition of an independent insurance agency. Although UMB has offered insurance products for some time, this indicates UMB's focus on building a full range of insurance services which includes the property and casualty side of insurance."
He added that, "Insurance is a natural extension of UMB's relationships in other lines of business and fits with our strategy of building a diverse financial services business model."
Mr. Burlison said, "Chapman-Sander customers and associates will benefit from the security and strength of a healthy corporate parent like UMB. Our clients will have additional insurance choices and resources through UMB, and this provides us with the opportunity to expand and enhance our customers' experience. I am pleased that we also have a strong cultural fit, making this a plausible business combination."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.