NEW HARTFORD — A Pennsylvania company has acquired the brokerage arm of Utica Mutual Insurance Co.
W.N. Tuscano Agency of Greensburg, Penn. purchased Utica Mutual Insurance Co.’s brokerage division known as Special Risk Solutions, Inc. (SRS). It did not disclose the deal’s financial terms.
SRS will start doing business under the Tuscano name Monday. The Pennsylvania company plans to retain several SRS staff members, including Terri McDowell, its assistant vice president and underwriting manager.
“We are very excited to join the Tuscano team,” McDowell said in a news release. “While we have a history of providing exceptional service to our agent partners, Tuscano’s first-class reputation and vast resources will greatly enhance our ability to provide quality service. I am confident this transaction will be a win-win for everyone involved.”
The Tuscano Agency specializes in property and casualty insurance for personal and commercial lines. Its new Utica agents are set to offer its specialty products.
“This is an excellent opportunity for SRS and the Utica agency partners,” Tuscano Agency President Rob Tuscano said. “Special Risk Solutions operates with the same values of service and relationship as Tuscano. With our broad access to markets and the solid service and operations support we provide, we are positive that this acquisition will be a benefit for all the stakeholders.”
Tuscano Agency reaches states in the East, South, and Midwest. Former SRS parent Utica Mutual Insurance Co. is a member of the Utica National Insurance Group of New Hartford, which employs more than 1,500 people across the country. That insurance group sells products through over 1,900 independent insurance agents.
Philo Smith & Co. of Stamford, Conn. acted as Utica Mutual’s financial advisor for the transaction.
Contact Seltzer at rseltzer@cnybj.com