In its fourth acquisition in the last 12 months, the BISYS Group of Little Falls NJ, announced the acquisition of the Toner Organization, a Pennsylvania-based insurance brokerage firm, for an undisclosed price.
Lynn Magnum, BISYS’ chairman and CEO stated, “This acquisition bolsters BISYS’ position as the largest independent distributor of life insurance, and immediately expands our market presence and potential in the mid-Atlantic region. We are strategically positioned to increase the production generated by Toner’s regional producer network with the BISYS’ broader array of insurance products, technological advantages, and extensive sales and back-office support services. In turn BISYS will benefit from the sales expertise provided by Toner’s senior management team.”
The two organizations expect their joint efforts to produce significant gains in the insurance service sector. Toner’s president Cary Toner indicated that BISYS was in a unique position to capitalize on his company’s strength by combining them with its alliances with over 200 insurance companies, and expanding its portfolio of products and its distribution network.
BISYS’ Insurance and Education Services Group is the fastest growing of its three main operations units (it also provides financial services and information processing). Gross revenues from the division posted an 82 percent gain for the fiscal, year ended March 31.
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