The PA Chamber of Business and Industry’s for-profit insurance subsidiary has completed a deal with a Luzerne County business owner.
PA Chamber Insurance acquired its first purchase of a book of business, the total of all insurance accounts written by the insurance firm.
PA Chamber Insurance acquired the book of business from Gar Thomas, owner of Washko and Thomas Agency LLC, an employee benefits broker based in Hazleton that serviced small to mid-sized employers.
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Thomas, an insurance broker, had previously partnered with PA Chamber Insurance and has since stayed on with the company as an independent contractor.
“We are excited to work with Gar Thomas on this purchase – a first for our organization, but certainly not our last,” Gil Davis, PA Chamber Insurance chief operating officer, said in a news release. “As a small to mid-sized employee benefits broker, Gar’s book of business was perfectly fitting for PCI’s business model since we work with so many similar companies who are aiming to find affordable, quality benefits plans for their employees.”
Terms of the deal weren’t disclosed. The deal was completed on March 1.
The company said the acquisition is part of its strategic acquisition growth strategy. PA Chamber Insurance said it is interested in partnering with other insurance firms as well.
PA Chamber Insurance was founded in 1995 and is located at 417 Walnut St. in Harrisburg. The company offers benefits consulting and administrative services, group medical plans, and human resources consulting among other services.
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.