First Southeast Insurance Services, a subsidiary of First Financial Holdings, has acquired the operations of The Somers-Pardue Agency. The initial purchase price of the transaction is $18.8 million, with contingent earn-out provisions over the next three years.
Somers-Pardue is a multi-line agency that writes both business and personal insurance. Its areas of specialization include property management and employee benefits. Somers-Pardue’s operations will expand First Financial’s presence in North Carolina, US.
After the acquisition, First Southeast Insurance will represent more than 40 insurance companies offering a group of personal and business insurance products that include property and liability solutions for individuals and businesses, group employee benefits plans and individual life, health and long term care products.
Somers-Pardue will retain its name and current management and staff including its principals, James Hair, William Kornegay, Alan Crouch and Greg Lunsford. Messrs Hair, Kornegay, Crouch, and Lunsford will also serve as executive vice presidents of First Southeast Insurance Services.
Mr Hair said: Our affiliation with First Financial and First Southeast Insurance Services will open up a broader range of financial services and products for our customers. We share many things in common with the First Financial companies including our absolute commitment to high quality, personal service to our customers.