WSFS sells Bryn Mawr insurance division
WILMINGTON – About three months after fully integrating Byrn Mawr Trust following its acquisition, WSFS Bank has sold the former bank’s insurance division.
BMT Insurance Advisors, an independent insurance brokerage and risk management consulting firm, was sold to Patriot Growth Insurance Services, based in Fort Washington, Pa. The terms of the deal, which closed June 30, were not disclosed.
All of the BMTIA employees have reportedly been offered jobs at Patriot.
WSFS, the largest homegrown bank in Delaware, closed its deal to acquire Bryn Mawr Trust and its affiliates in January for $976 million. In doing so, WSFS became the sixth largest bank by deposits in the Philadelphia-Wilmington-Camden metropolitan area, leapfrogging its biggest Delaware competitor M&T Bank.
It acquired the Pennsylvania-based Bryn Mawr largely in order to gain its well-regarded wealth management and trust division and further expand into the greater Philadelphia area. The combined wealth management division created $13.3 million in income versus the $1.3 million derived from its insurance products, according to WSFS’ first-quarter earnings report.
“We evaluated many factors when making this decision, with a priority of maintaining high-quality service and products for our clients, and continued opportunities for our BMTIA associates,” said Dominic C. Canuso, executive vice president and chief financial officer for WSFS, in a July 7 statement announcing the sale. “Our focus is on the long-term organic growth opportunities for the bank, the wealth and trust business, and our other strategic fee-based businesses. We determined that the best opportunity for BMTIA was with Patriot, which brings additional product offerings and scaled operations to the team and is a leader in the insurance industry.”
Patriot is a growth-focused national insurance services firm that partners with employee benefits and property and casualty agencies nationwide. Its collaborative model delivers resources and strategic support to its agencies, whose leaders continue to operate with a high degree of autonomy in their local markets.
Matt Gardner, founder and CEO of Patriot, said he was “thrilled” with the acquisition both for its accelerated organic growth path and its talented team.
“As a lifelong Philadelphian, I was already familiar with BMTIA and I am excited for them to now have all of Patriot’s national resources to provide to their clients. I know this will be a great partnership,” he added.