WSFS unloads Bryn Mawr Belief insurance coverage enterprise

Constructing housing WSFS’ headquarters.

Wilmington-based WSFS Monetary Company offered the enterprise of BMT Insurance coverage Advisors, an impartial insurance coverage brokerage and danger administration consulting agency all through america that builds customized insurance coverage options for customers and companies, to Patriot Progress Insurance coverage Companies, LLC (Patriot).

Monetary phrases weren’t disclosed.

The deal consists of a suggestion of continuous employment for all BMTIA Associates and isn’t anticipated to materially influence future earnings.

Primarily based in Fort Washington, PA, Patriot is a nationwide insurance coverage providers agency that companions with worker advantages and property and casualty companies throughout america. Patriot’s mannequin delivers sources and strategic assist to its companies, whose leaders proceed to function with a excessive diploma of autonomy of their native markets, a launch acknowledged.

The insurance coverage company enterprise has seen a wave of consolidation with private-equity-fueled corporations shopping for up native and regional companies.

“We evaluated many components when making this resolution, with a precedence of sustaining high-quality service and merchandise for our purchasers, and continued alternatives for our BMTIA Associates,” stated Dominic C. Canuso, government vp and chief monetary officer, WSFS. “Our focus is on the long-term natural progress alternatives for the financial institution, the wealth and belief enterprise, and our different strategic fee-based companies. We decided that the very best alternative for BMTIA was with Patriot, which brings further product choices and scaled operations to the staff and is a frontrunner within the insurance coverage trade.”

“I’m thrilled to have BMTIA be a part of the Patriot household as a result of not solely are they on an accelerated natural progress path, in addition they have an amazingly proficient staff,” stated Matt Gardner, founder and CEO of Patriot. “As a lifelong Philadelphian, I used to be already aware of BMTIA and I’m excited for them to now have all of Patriot’s nationwide sources to offer to their purchasers. I do know this will likely be an important partnership.”

The deal closed on June 30.

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