Although they were not related before, now they’re family. East West Bancorp Inc. recently acquired San Marino, Calif.-based East West Insurance Agency, an unrelated agent providing business and consumer insurance services to the Southern California market.
East West Bancorp, a publicly owned company with more than $2.3 billion in assets, is the parent company of East West Bank, a nationwide community bank and financial institution targeting the Chinese-American and other niche markets. The purchase of the agency is aimed at expanding products and services for the bank’s customer base, as well as allowing greater revenue generation.
East West Insurance provides a range of property, liability and personal insurance products and risk management services, and serves as an agent for a variety of insurance providers; including Fireman’s Fund, Mercury, Travelers Property/Casualty and Zurich Insurance Group, among others. The agency will continue to run autonomously as a wholly owned subsidiary of East West Bancorp, and agency principal Alice Wong will remain with the operation as president. The transaction was completed on Aug. 22. Terms were not disclosed.
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