MVB Financial Corp. has sold all of the assets of its wholly-owned subsidiary, MVB Insurance, LLC in Fairmont, W. Va., to USI Insurance Services LLC. MVB Insurance will retain the assets related to, and continue to operate, its title insurance business. The sale was effective at 11:59 p.m. on June 30, 2016, the date of the definitive agreement between MVB, MVB Insurance and USI.
MVB Insurance CEO L. Randall “Randy” Cober, CIC, President Kenneth Juskowich, and all employees have been extended offers to remain with USI as part of the acquisition. The two entities said they are working together “to ensure a smooth transition and the continuation of quality service for all current and future clients.”
According to Larry F. Mazza, MVB President and CEO, “Recognizing the high level of competition and the rapid pace of consolidation within the insurance industry presented challenges to further develop our insurance services offering. We are confident the sale to USI, an organization dedicated solely to the insurance business, presents continuity of a high level of service and a strategic partner for our clients, while enhancing value for our MVB Shareholders.”
Additional information on the sale will be available on MVB’s current report on Form 8-K that will be filed with the Securities and Exchange Commission (SEC).
USI is a local and national insurance brokerage and consulting firm, delivering property and casualty, employee benefits, personal risk and retirement products throughout the United States. Headquartered in Valhalla, New York, USI has over $1.0 billion in revenue, employs more than 4,400 professionals and operates out of 140 local offices serving every state.
MVB Financial Corp. is a financial holding company headquartered in Fairmont, W.Va. Through its subsidiaries, MVB Bank, Inc., MVB Mortgage and MVB Insurance, the company provides community banking, mortgage banking, insurance and wealth management services to individuals and corporate clients in the Mid-Atlantic region.
Was this article valuable?
Here are more articles you may enjoy.