Expects to generate over $4bn in financed premium

Premium Financing Specialists said that it has closed the acquisition of another Kansas City metro area-based finance company Universal Premium Acceptance Corp (UPAC).

The combined company of almost 300 employees will support approximately 13,000 insurance agent and broker clients and generate well over $4bn in financed premium.

Mike Gallagher, president and COO of Premium Financing Specialists, said: The combination of PFS and UPAC strengthens us as a strong, independent force in the premium finance industry. We are excited at the opportunities that the combined service and technology expertise of the two companies will present for current and new clients.

Premium Financing Specialists offers property and casualty insurance agents and brokers financing options for their customers’ insurance premiums. Founded in 1977 in Kansas City, MO, the company operates under a branch office concept to provide PFS clients nationwide expertise with local service.