Cleveland-based Oswald Companies announced it is acquiring another longstanding Midwest market leader Poyle Associates, located in the Detroit suburbs. The Cleveland-based risk expert and insurance brokerage will now serve Michigan markets as Oswald Poyle Associates.
“We appreciate Poyle Associates history of client commitment and quality of service,” said Marc S. Byrnes, chief executive officer of Oswald Companies. “And their insights and added risk expertise is certain to compound the value of our intellectual capital to the benefit of both our clients.”
Poyle Associates was founded in 1951. Its staff of 10 will be retained and will continue to serve clients from its offices in Birmingham, Michigan. Oswald Companies has expanded in the last five years from 65 employees to 185 today from mostly organic growth. The firm, which was founded in 1893 in Cleveland, has offices in Columbus, Ohio and serves Florida and North Carolina through its offices managed jointly with Oswald Trippe and Company.
“Oswald Companies offers expertise that goes beyond our core strengths in Property and Casualty,” said Richard Poyle, president of Poyle Associates, “giving us even greater counsel and services to further help our clients reduce risk and focus on what they do best.”
Oswald’s Donald Engle, senior vice president, will relocate to the Detroit area to lead the merged firm. Engle spent nearly five years in the Detroit market before joining Oswald in 2002. During this time he developed considerable risk expertise from counseling large OEMs and tier-one automotive clients.
“Just as in Ohio, global economic pressures are creating new challenges for businesses in Michigan and consequently new categories of risk,” said Engle. “The combination of Oswald and Poyle positions us to help clients understand and deal with these risks so they can continue to grow.”
A 113-year old company established in 1893 and headquartered in Cleveland, Ohio, Oswald Companies provides products and services in risk management, property and casualty insurance, life insurance, group benefits and retirement plans. Oswald-Trippe & Company, a jointly owned subsidiary, is headquartered in Florida and serves the southeastern United States.
Source: Oswald Companies
Topics Mergers & Acquisitions Ohio Michigan
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