Insurance Specialty Group LLC, parent of Atlanta, Ga.-based Pacific Wholesale Insurance Brokers (Pacific Wholesale) entered into definitive agreements to acquire and merge with El Segundo, Calif.-based E.L.M. Insurance Brokers Inc. The combined companies will have 10 offices throughout the United States. The merger is expected to close in mid May 2008.
The combined operations will have four offices in California and six more in Connecticut, New York, Illinois, Georgia, Florida and Texas.
The current Pacific Wholesale offices specialize in residential and commercial construction, OL&T, products liability and property. They will continue this focus in conjunction with that of the new specialty lines division.
E.L.M. will continue to operate under its own brand as part of Insurance Specialty Group. E.L.M. staff will remain intact and continue to market financial and specialty lines products from its current offices. E.L.M.’s Web site (www.e-o.com) will also remain active for access to specialty lines information and markets.
“Acquiring E.L.M.’s expertise in professional and specialty lines will give Pacific Wholesale added coverage lines to distribute to its over 700 retail clients nationwide,” said ISG’s CEO Bruce Harrell.
“Merging with such an excellent company is an important and necessary expansion,” said Frederick Fisher, president of E.L.M.
The merger is also important to meet current market challenges and to remain competitive, added Harrell. Together, the firm will have a combined retail agency base of more than 1,100 agents, Harrell said.
Fisher will become a member of ISG and be a voting member of the Board of Managers of ISG. His new position will be senior vice president and director of professional and specialty lines for E.L.M. and Pacific Wholesale. “Our entire professional staff, service and market access will remain unchanged, while we will expand the professional and specialty lines into all of the Pacific Wholesale offices,” Fisher said.
National Capital Advisors, Annapolis, Md., acted as an advisor to the transaction.
Source: Insurance Specialty Group and Pacific Wholesale Insurance Brokers
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