Union Bank of California, headquartered in San Francisco, acquired San Diego-based John Burnham Insurance Services of San Diego. The purchase, according to the San Diego Daily Transcript, ends the longest run in the city for an independently owned insurance brokerage. Terms of the transaction were not disclosed.
Burnham Insurance was founded in 1891 by the grandfather of Malin Burnham, the current chairman of the insurance company. It will retain its name and continue operating as a division of Union Bank, providing insurance services to the bank’s commercial clients.
The firm handles both life and property insurance lines, and is expected to bring in over $200 million in premiums this year.
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