Univest Corporation of Pennsylvania and its insurance subsidiary, Univest Insurance Inc., announced the acquisition of Sterner Insurance Associates Inc.
Sterner Insurance is a 21-person firm that operates two offices in Lehigh Valley and Berks County in Pennsylvania. The firm specializes in commercial insurance, employee benefits, personal insurance, life insurance and business continuation planning.
Sterner Insurance was founded in 1994 by Alan F. Sterner, who served as president and CEO of the agency. Under the transaction, he will serve as senior vice president at Univest Insurance Inc. and be responsible for leading the Lehigh Valley and Berks County insurance operation.
This acquisition marks Univest’s eighth insurance acquisition since it started expanding its financial service offerings beyond traditional banking in 1999. As a locally-based company headquartered in Souderton, in Montgomery County, Pennsylvania, Univest offers banking, insurance, investment, wealth management, trust, mortgage banking, and equipment financing services.