UNFCU Financial Services has purchased a privately-held, full service commercial and personal insurance agency, Industrial Coverage Corp (ICC), to offer competitively-priced insurance programs to its US-based members.
Under terms of the agreement, the deal has been structured as an asset purchase transaction and it is expected that the integration of the two organizations will be fully completed within the next 30 days.
Upon closing of transaction, Long Island based ICC will remain trading under the brand name of Industrial Coverage Corp, serving its existing as well as new clients directly.
ICC president Joseph Romeo will continue in management roles and be located in their Patchogue facility along with more than 20 other company’s professionals.
United Nations Federal Credit Union president/CEO William Predmore said, "As we move forward, the combination of our organizations will drive growth and position us as a regional force in the insurance brokerage industry."
Reagan Consulting offered advices to UNFCU Financial Services, while Dowling Hales assisted ICC on the transaction.
UNFCU Financial Services is a wholly owned subsidiary of the United Nations Federal Credit Union, (UNFCU).
Established in 1947 and headquartered in Long Island City, New York, UNFCU provides various flexible savings, loan, investment and insurance products, as well as advisory services.