As part of its strategy to grow through acquisitions and provide its customers with expanded services and market access, Seattle-based Kibble & Prentice has acquired BGI Inc., a player in the Northwest insurance industry, specializing in the medical professional liability market. BGI co-founder Ken Wiltse and his employees will join Kibble & Prentice, bringing the headcount at this region’s largest independent financial services organization to 173 employees, and increasing its client base by more than 1,000.
The acquisition will also help local doctors and medical practices address the current medical liability crisis. Due to a restriction in the reinsurance market, lowered investment income, large jury verdicts and insurance companies leaving the professional liability market altogether, many doctors, even those without any prior claims, are seeing 30 percent percent or greater increases in their premiums. With the additional expertise and market access provided by BGI, Kibble & Prentice can work with doctors and health practices to provide creative solutions to this crisis.
Said Mike Gano, president of Kibble & Prentice’s Property Casualty Division, “This acquisition helps both our firms: BGI can offer its clients expanded access to the insurance markets and other services provided by Kibble & Prentice, while we expand our expertise in the professional liability industry, which is a growing part of our business.”
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