NORWICH — NBT Bancorp, Inc. subsidiary Mang Insurance Agency, LLC has acquired Harvey-Triumpho Insurance Agency of Fort Plain (Montgomery County). Going forward, the agency will do business as NBT Insurance Agency.
“Harvey-Triumpho has a strong team of insurance professionals, and we are pleased to welcome David Briggs and his team to our organization,” Mang President and CEO Richard Mang said in an email. “They will continue to provide high-touch service to clients in the Fort Plain area while having the opportunity to deliver an expanded set of insurance products. This product set will include expanded property and casualty offerings for individuals and businesses, as well as new health, life, and benefits offerings.”
The deal closed on Feb. 1, and the firms will take about a month to fully transition the agency to its new name, says Florence Dollar, marketing manager at NBT. Harvey-Triumpho had four employees and they all have joined NBT.
(Sponsored)
Keeping Your Firm Secure on the Road to Digitization
By Dan Hernborg Sales Engineer With the looming threat of a potential recession and economic downturn, many professional service firms are looking to reduce costs and increase efficiency in preparation.
Inflation and Insurance Rates: How to Offset the Impact
Many industries have been hit by inflation where it hurts the most, our pockets. Inflation is raising the price of goods and services including food, housing, transportation, and medical care.
NBT declined to release information on the terms of the deal or how many clients Harvey-Triumpho has. All four Harvey-Triumpho employees have stayed on under the new ownership, Doller says.
“Joining the NBT family of companies will benefit current and new customers,” David Briggs, president of Harvey-Triumpho said. “We’ll continue to provide personalized attention to each customer, while gaining access to additional insurance-carrier choices and products through Mang, including an expanded set of insurance lines that will feature health, life, and benefits in addition to our property and casualty lines.”
Harvey-Triumpho, located at 81 Canal St. in Fort Plain, opened for business in 1950.
Mang Insurance Agency, LLC (www.manginsurance.com) is a unit of NBT Bancorp (NASDAQ: NBTB), a $5.6 billion financial holding company headquartered in Norwich.
NBT acquired Mang Insurance in July 2008. Founded in 1894, Mang Insurance provides personal insurance including home, auto, boat, and flood insurance; commercial lines such as business auto coverage, contractor bonds and liabilities, and workers’ compensation; individual health and financial coverage including disability insurance and long-term care insurance; and group benefits such as group health and group life coverage.
Mang works with a number of insurance carriers, including New York Central Mutual, Progressive Insurance, United HealthCare, Utica National, Travelers, and ING. Mang has 21 offices across New York, including a number located inside NBT Bank branches. NBT Insurance Agency has three locations — Glens Falls, Fort Plain, and Burlington, Vt. — and NBT Latremore Insurance Agency has locations in Plattsburgh, Chazy, and Malone.
In its latest earnings period, the fourth quarter, NBT reported that its revenue from insurance and financial services increased nearly 14 percent to $4.9 million from $4.3 million in the year-ago quarter. For the full year, insurance and financial-services revenue at NBT rose more than 10 percent to $20.8 million in 2011, from
$18.9 million in 2010.
NBT is also the holding company for NBT Bank; Pennstar Bank; and EPIC Advisors, Inc., a Rochester–based 401(k) plan recordkeeping firm.
