Effective Jan. 1, CBM Insurance Agency LLC, of New Castle, is pleased to announce their acquisition of the Wilmington-based insurance brokerage Insurance & Financial Services Ltd. of Delaware (IFS). Through this acquisition, CBM will acquire ...
Effective Jan. 1, CBM Insurance Agency LLC, of New Castle, is pleased to announce their acquisition of the Wilmington-based insurance brokerage Insurance & Financial Services Ltd. of Delaware (IFS).
Through this acquisition, CBM will acquire all 15 current IFS employees, their insurance company contracts, and current clients. The combined agency will employ about 40 people.
Formed in 2008, CBM Insurance specializes in commercial insurance, personal insurance, and bonding services for clients located in the Mid-Atlantic region. Its slogan, “Partnerships built on relationships,” speaks to how they treat and value each of their clients in providing them with insurance solutions to match their exact needs.
“We are extremely excited to be able to acquire such a highly regarded agency in an effort to complement our organic growth,” said Brandon Baffone, president of CBM Insurance. “For the past 35 years, IFS has been one of the most well-respected and knowledgeable brokerages in Delaware and the tristate region. This now allows CBM/IFS to move to the next level to be best in class as far as knowledge, industry expertise, and community involvement/interaction.”
Rick LaPenta, president and CEO of IFS, said he was excited for his agency to join with a top regional competitor.
“CBM Insurance has been one of the most esteemed insurance agencies in the region for over a decade, and as we looked to transition into the next chapter of business for IFS, becoming a part of what CBM is doing was certainly a no-brainer,” LaPenta said. “Their carrier relationships and brand recognition throughout the community allows us to become a part of an up-and-coming brokerage and will put us in a position to continue to do what we do best – service our clients.”
CBM Insurance will now serve over 6,000 commercial and personal insurance clients with a continued commercial focus on construction, real estate, hospitality, habitational, and nonprofit clients. They will continue to be very active in the local community while taking part in many trade associations, including the Delaware Restaurant Association, Associated Builders and Contractors, Delaware Contractors Association, Delaware Apartment Association, Delaware State Dental Society, and the Delaware Alliance for Nonprofit Advancement, among others.
Candi Shoupe, chief operating officer and a partner at CBM, said that the agency has been able to weather the COVID-19 pandemic well, with all of its staff initially moved to working remotely and some slowly returning to its office in recent months.
“Thankfully, with a cloud-based operating system, we were able to make the jump to remote without too much hardship,” she said. “We truly didn't miss a beat when it came to servicing the needs of our clients.”
In addition to being there for those clients who experienced devastating losses this year, the CBM team continued to give back to its community, including through frequent donations to front-line health care workers via the High 5 Hospitality Group’s Feed the Frontline program as well as a substantial donation to families dealing with pediatric cancer through the Kisses for Kyle Foundation.
For more information, visit www.cbmins.com to learn about the CBM/IFS Insurance team, their partner carriers, and their offerings.