Union Bank of California Integrates Insurance Operations

February 2, 2006

Union Bank of California North America, based in San Francisco, has consolidated its insurance operation under the brand UnionBanc Insurance Services Inc.

Union Bank entered the insurance brokerage business in 2001 with the acquisition of Orange County-based Armstrong Robitaille Business and Insurance Services. The additions of 115-year-old John Burnham Insurance Services in 2002 and Pleasanton-based Tanner Insurance Brokers in 2003 expanded the company’s footprint in San Diego and Northern California. In late 2003, Los Angeles County-based Knight Insurance Agency joined the company. The business currently has insurance offices in San Diego, Irvine, Fullerton, Glendale, Pleasanton, San Rafael, Stockton, Sacramento and Portland, Ore.

The combination of the company’s four agencies under the UnionBanc Insurance Services umbrella positions the integrated company as one with annual revenue exceeding $80 million and 415 company employees. UnionBanc Insurance Services will co-brand with the acquired entity brands of Armstrong/Robitaille, John Burnham and Tanner Insurance for the foreseeable future.

“Insurance complements our core banking strengths very well and synergies between the two are clearly emerging,” said Johs Worsoe, executive vice president of Union Bank and Chairman of UnionBanc Insurance Services. “Furthermore, clients today are demanding broader access to best-in-class insurance products combined with customized risk management solutions and claims support. This demand clearly favors larger insurance agencies with deep expertise.”

UnionBanc Insurance Services plans to aggressively grow its client base with an initial focus on expanding in California and Oregon through nine local offices. The strategy is to offer customized risk management solutions locally. Although commercial insurance continues to be the group’s primary area of business, UnionBanc Insurance Services will increase the focus on providing insurance solutions to individuals, including clients of Union Bank.
Visit www.uboc.com for more information.

Topics California

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