Commerce Banc Insurance Services, a wholly owned subsidiary of Commerce Bancorp, In., is opening a new insurance brokerage and consulting office in center city Philadelphia in June.
The new facility, located at One Commerce Square (2005 Market Street), will house more than 50 insurance professionals and consultants who will serve large commercial and employee benefits insurance customers, according to the company.
“Our market expansion has traditionally followed the bank’s footprint. Commerce’s strong presence in Southeastern Pennsylvania, particularly the Philadelphia region, warranted an expansion commensurate with the needs of businesses we serve in that market,” said Michael Tiagwad, president, Commerce Banc Insurance Services.
The agency reported reaching $1 billion in premiums written in 2006.
Commerce Banc Insurance Services’ network currently comprises 13 office locations throughout the Mid-Atlantic region.
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