Commerce Bancorp has completed the sale of its insurance brokerage business, Commerce Insurance Services to a group led by George Norcross and Michael Tiagwad, chairman and president of Commerce Insurance Services respectively.
Commerce Bancorp’s plan to sell its insurance brokerage business was first announced in early October 2007 in conjunction with TD Bank Financial Group’s (TDBFG) pending acquisition of Commerce, Bancorp. The sale includes the commercial property and casualty, employee benefits, and various specialty insurance lines of Commerce Insurance Services and was approved by TDBFG as contemplated by the merger agreement between TDBFG and Commerce Bancorp.
Commerce Bancorp will retain ownership of the company’s retail personal lines insurance business. Mr Norcross and Mr Tiagwad will continue in their current positions with the firm.
Mr Tiagwad said: This is an exciting opportunity for everyone associated with Commerce Insurance Services. As one of the country’s leading privately held insurance brokerages our focus on providing our clients with the outstanding service they have come to expect from Commerce will be stronger than ever. We also expect to carry on our valuable long-standing association with Commerce Bank.