Greater Bay Bancorp, a $6.9 billion in assets financial services holding company, reported that its subsidiary, ABD Insurance and Financial Services (ABD), a provider of global risk management and employee benefits solutions, has signed a definitive agreement to acquire Lucini/Parish Insurance Inc. (Lucini), a Reno, Nevada-based commercial insurance brokerage firm. The terms of the transaction were not disclosed.
Lucini, which traces its roots to 1927, recorded annual revenue for 2004 of approximately $21 million, and possesses experience in construction, medical malpractice, HOA’s, jewelers, and other middle market niches. The firm currently employs more than 135 professionals, and specializes in property and casualty insurance services and risk management consulting with offices in seven cities in Nevada and California.
According to Frederick de Grosz, president and chief executive officer of ABD, “The acquisition of Lucini is consistent with our strategic goal of disciplined expansion of ABD’s business into key West Coast regional markets. In doing so, we believe we can further leverage ABD’s lines of business expertise, branding identity, and pricing capabilities as we expand our client base.
“Upon the closing of the acquisition, Lucini’s clients will have immediate access to ABD’s extensive employee and executive benefits consulting and retirement plan services. In addition, we believe current and prospective clients will receive considerable value from ABD’s highly regarded D&O consulting and enterprise risk management capabilities, as well as CyberSure — ABD’s award-winning client services Web site.”
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