Cherry Hill, N.J.-based Commerce Bancorp Inc. said it has completed the sale of its insurance brokerage business, Commerce Insurance Services, to a private group led by two of the brokerage’s key executives.
The sale was first announced in October in conjunction with Commerce Bancorp’s pending acquisition by TD Bank Financial Group. Terms of the sale were not disclosed.
The sale includes the commercial property casualty, employee benefits, and various specialty insurance lines of Commerce Insurance Services.
George E. Norcross and Michael Tiagwad – the Commerce Insurance Services’ chairman and president who led the brokerage sale – will continue in their current positions with the firm.
Commerce Insurance Services will rank among the 10 largest privately held insurance brokerages in the United States, and one of the country’s 35 largest insurance brokerages overall. The brokerage has 13 offices and employs about 400 insurance professionals.
Commerce Bancorp will retain ownership of the company’s retail personal lines insurance.
Source: Commerce Bancorp Inc.
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