Landmark is an insurance and surety brokerage firm that provides quality insurance products for individuals and businesses in Rochester
SDN Insurance Agency, a subsidiary of US-based Financial Institutions, has agreed to acquire the assets of independent insurance brokerage firm Landmark.
Landmark is a locally-owned and operated insurance and surety brokerage firm based in Rochester. Established in 1984, the firm provides quality insurance products for individuals and businesses.
The insurance brokerage firm is engaged in providing insurance, surety and risk management solutions across various business sectors including construction, manufacturing, real estate and technology, along with individual personal insurance.
In relation with the acquisition, Landmark founder and chairman Kelly M Shea and president Christopher K Shea will lead SDN’s Rochester operations and are expected to continue their long-term relationship with the clients.
Landmark president Chris Shea said: “Kel and I are thrilled to be joining Five Star. It’s clear that the values of Five Star are in alignment with our strong commitment to providing our clients with innovative and comprehensive risk management solutions.
“We are looking forward to working with our new Five Star partners to further strengthen existing client relationships by leveraging banking, insurance, and investment services.”
Financial Institutions is engaged in offering diversified financial services through its subsidiaries Five Star Bank, SDN, Courier Capital and HNP Capital.
Five Star Bank provides a wide-ranging consumer and commercial banking services to individuals, municipalities and businesses, through its network of more than 45 offices across Western and Central New York State.
SDN offers insurance services to personal and business clients, while Courier Capital and HNP Capital customised investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans.
The acquisition, subject to certain closing conditions, is expected to be completed in the first quarter of 2021.
Financial Institutions president and chief executive officer Martin K Birmingham said: “This acquisition demonstrates our continued commitment to the growth and diversification of noninterest income through the expansion of our insurance business in the Rochester/Finger Lakes region.
“Kelly and Chris Shea are highly-respected business and community leaders in greater Rochester and we look forward to working with them as they continue to manage and enhance their strong client relationships while also building momentum for this line of business in an important growth market.”