The Lossing Insurance Agency, an independent agency based in Ocala, Fla. has been acquired by the South Financial Group Inc. of Greenville, S.C. Terms of the transaction were not disclosed. The acquisition gives The South Financial Group its third insurance agency in Florida, with all three acquisitions completed in 2005.
Founded in 1979, Lossing operates two offices in Ocala. After the acquisition, the agency is continuing to operate under the Lossing name. Lossing will continue to operate under the leadership of its principals, David Lossing and Steve Lossing.
“We are excited by the opportunity to join The South Financial Group,” David Lossing, a principal of the Lossing Insurance Agency said. “We are joining an organization, like ours, that is committed to our customers and community. Together, we can broaden product offerings, expand customer relationships, and continue to build a quality insurance presence at The South Financial Group.”
Marsh, Berry & Co. represented the seller in negotiating the acquisition and finalizing the deal. Megan Bosma, a MarshBerry senior consultant told Insurance Journal, “The South Financial Group’s acquisition of the Lossing Insurance Agency Inc. allows the bank to enhance its commercial lines and personal lines insurance offerings and expand into the equine and farm lines of business. With the equine and farm specialty, the agency is accustomed to partnering with high net worth clients. This specialty dovetails with the bank’s wealth management initiatives.”
Lossing is in the high-growth central Florida region. Bosma said the acquisition provides a seamless expansion of The South Financial Group’s prior insurance acquisition in northeast Florida. She said the youthful ages of the principals at Lossing, the diversified mix of business and the location of the agency provide unique capabilities that compliment the bank’s strategic direction.
Lossing focuses on property and casualty insurance. In addition to providing coverage to a broad range of personal and commercial clients, the agency also has a Farm and Equine Division and a Medical Professional Liability Division.
“We are very pleased with the opportunity to expand our Florida insurance operations with a well-respected agency like Lossing,” commented Kendall L. Spencer, Mercantile Bank president, TSFG’s Florida bank subsidiary. “Acquiring quality insurance agencies is part of our strategy to enhance our ability to offer insurance products to our customers and build our fee income base. Importantly, the Lossing Insurance Agency shares our focus on superior customer service and knowing our customers well.”
The South Financial Group is a financial services company, headquartered in Greenville, South Carolina with approximately $14.9 billion in total assets and 171 branch offices in Florida, North Carolina, and South Carolina.
TSFG focuses on fast-growing banking markets in the Southeast and concentrates its growth in metropolitan statistical areas. TSFG operates two subsidiary banks.
Carolina First Bank, the largest South Carolina-based commercial bank, operates in North Carolina, South Carolina, and on the Internet under the brand name, Bank CaroLine. Mercantile Bank operates in Florida. Approximately 40 percent of TSFG’s total bank deposits as of Sept. 30, 2005 are in Florida.
Topics Florida Mergers & Acquisitions Agribusiness South Carolina
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