The Banc Insurance Services Inc. (BIS), a Springfield, Mass.-based service provider to financial institutions trying to set up insurance agencies, announced it has contracted with Digital Federal Credit Union (DCU), a Marlborough, Mass.-based thrift, to help it form such an agency, DCU Financial Insurance Services.
The new agency will be run by BIS’ agency management operations center in Springfield, Mass. Through BIS, DCU will be able to own and operate an insurance agency with a full range of personal and commercial insurance coverages from a wide array of nationally recognized insurance carriers without incurring the risks of buying and managing a local insurance agency. BIS will manage business and operational risks for the financial institution.
Topics Mergers & Acquisitions
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