First Niagara Acquires Summit Insurance Group

New York-based First Niagara Risk Management has acquired Summit Insurance Group and Summit Benefits, both of Pennsylvania, for an undisclosed sum.

The two businesses, founded by Rennie Rodriguez and Kevin McAdams, will adopt the First Niagara brand immediately, the company said.

First Niagara Risk Management is a wholly owned subsidiary of First Niagara Bank in Buffalo. Summit Insurance Group, which offers risk management, employee benefits consulting and investment services, is based in Broomall.

First Niagara has recently targeted Pennsylvania for its expansion plans. In August, the firm acquired RTI Insurance Services, Inc. and Three Rivers Financial Services Inc., both in western Pennsylvania.

First Niagara Risk Management CEO Joseph Teresi said the recent acquisitions show the company is “moving forward with our strategic plan to build our organization throughout our footprint.”

Rodriguez and McAdams, who founded Summit in 1997, will assume leadership positions for First Niagara Risk Management in the eastern Pennsylvania region.

__

Source: First Niagara