WSFS sells Bryn Mawr insurance division

WILMINGTON – About three months after absolutely integrating Byrn Mawr Belief following its acquisition, WSFS Financial institution has bought the previous financial institution’s insurance coverage division.

BMT Insurance coverage Advisors, an unbiased insurance coverage brokerage and danger administration consulting agency, was bought to Patriot Development Insurance coverage Companies, primarily based in Fort Washington, Pa. The phrases of the deal, which closed June 30, weren’t disclosed.

All the BMTIA workers have reportedly been supplied jobs at Patriot.

WSFS, the most important homegrown financial institution in Delaware, closed its deal to accumulate Bryn Mawr Belief and its associates in January for $976 million. In doing so, WSFS grew to become the sixth largest financial institution by deposits within the Philadelphia-Wilmington-Camden metropolitan space, leapfrogging its largest Delaware competitor M&T Financial institution.

It acquired the Pennsylvania-based Bryn Mawr largely so as to achieve its well-regarded wealth administration and belief division and additional increase into the larger Philadelphia space. The mixed wealth administration division created $13.3 million in earnings versus the $1.3 million derived from its insurance coverage merchandise, in response to WSFS’ first-quarter earnings report.

“We evaluated many elements when making this determination, 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 for WSFS, in a July 7 assertion saying the sale. “Our focus is on the long-term natural development alternatives for the financial institution, the wealth and belief enterprise, and our different strategic fee-based companies. We decided that one of the 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.”

Patriot is a growth-focused nationwide insurance coverage companies agency that companions with worker advantages and property and casualty companies nationwide. Its collaborative mannequin delivers assets and strategic help to its companies, whose leaders proceed to function with a excessive diploma of autonomy of their native markets.

Matt Gardner, founder and CEO of Patriot, stated he was “thrilled” with the acquisition each for its accelerated natural development path and its proficient staff.

 “As a lifelong Philadelphian, I used to be already conversant in BMTIA and I’m excited for them to now have all of Patriot’s nationwide assets to offer to their purchasers. I do know this will likely be an awesome partnership,” he added.