Connecticut’s Webster Bank, a wholly owned subsidiary of Webster Financial Corporation, announced the acquisition of Budget Installment Corp., an insurance premium financing company based in Rockville Centre, New York. The terms of the acquisition were not disclosed.
“Budget Installment Corp. finances commercial property and casualty premiums for businesses that pay their premiums on a monthly basis. The thirty year-old company currently has approximately 8,000 active borrower accounts located in New York and New Jersey,” said the announcement.
“This acquisition is a good fit for Webster and Budget given the natural synergy in our businesses,” stated Webster chairman and CEO James C. Smith. “The acquisition meets the needs of our existing insurance customers and gives us an entry into the attractive premium financing marketplace. Budget’s knowledge and expertise in the premium financing arena will benefit Webster’s small and mid-sized business customers.”
Earlier this month Webster acquired The Mathog & Moniello Companies, based in East Haven, CT, a commercial property and casualty company that specializes in providing risk management products and services to self-insured businesses and groups.
“The acquisitions completed thus far in 2003 underscore our strategy for profitable growth,” stated Webster executive VP, corporate development, Nathaniel C. Brinn. “Both deals broaden Webster’s product array for our commercial customers. Webster views premium finance as a growth sector with attractive risk and return characteristics.”
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