UNFCU Financial Services LLC Acquires Industrial Coverage Corp
Long Island City, NY – Wanting to provide a wider array of competitively-priced insurance programs to its US-based members, UNFCU Financial Services LLC, the credit union service organization for the United Nations Federal Credit Union (UNFCU), today announced that it has acquired Industrial Coverage Corp (ICC), a privately-held, full service commercial and personal insurance agency.
The deal was structured as an asset purchase transaction. Reagan Consulting advised UNFCU Financial Services, LLC; Dowling Hales assisted ICC.
Under terms of the deal, UNFCU Financial Services LLC through its Insurance Centre will significantly enhance its product/service capabilities for its members in the United States who are the active and retired staff of the United Nations community and their families. ICC, based in Patchogue, Long Island, will continue to operate under the Industrial Coverage Corp name, serving its existing and new clients directly.
“We will remain a family agency, but are just part of a larger family,” said Joseph M. Romeo, president of ICC, who with his brother Michael A. Romeo, Sr., executive vice president, will continue in leadership roles and be located in their Patchogue facility along with three generations of the Romeo Family and more than 20 other ICC professionals. “Our cultural compatibility with UNFCU Financial Services LLC made the opportunity for a partnership a compelling proposition. This is what motivated our decision.”
For its part, UNFCU Financial Services LLC has gained a turnkey insurance platform, the depth and breadth of the ICC management team’s risk management expertise, and a firm with a trusted national reputation achieved over a 55-year history. With this, UNFCU Financial Services LLC will have more leverage with and access to insurance carriers and products for personal insurance, as well as to comprehensive business insurance, an ICC specialty area and one UNFCU Financial Services LLC plans to enter. Among ICC’s broad coverage are auto and property insurance for businesses with business income interruption, general liability, property of others and crime insurance included in their extensive suite of Business Owners Policies.
“ICC’s business insurance mix complements our Insurance Centre’s personal lines of insurance,” said Stephen Ryerson, president of UNFCU Financial Services LLC. “The fact that ICC shares our service culture which puts members, clients and their needs first was extremely important.”
The full integration of the two organizations will be completed within the next 30 days.
“As we move forward, the combination of our organizations will drive growth and position us as a regional force in the insurance brokerage industry,” said William Predmore, president/CEO of United Nations Federal Credit Union. “We are known across the industry and our membership for our long history of innovation and I could not think of a better way to begin 2013 than by delivering more options and resources in the service of risk management for our members and their families stateside.”
About UNFCU Financial Services LLC
UNFCU Financial Services LLC is a wholly owned subsidiary and a credit union service organization (CUSO) of the United Nations Federal Credit Union, (UNFCU). Founded in 1947 and headquartered in Long Island City, NY, UNFCU offers a range of flexible savings, loan, investment and insurance products, as well as advisory services and a focus on corporate social responsibility/sustainable development. More information is available at www.unfcu.org.
About Industrial Coverage Corp
Founded in 1958 by Michael J. Romeo, Industrial Coverage Corp (ICC) is a family-owned insurance agency with a wide array of personal and commercial product offerings. The firm serves more than 3,500 clients and has an outstanding reputation in the insurance community. ICC Principals, Joe and Mike Romeo, have both served as president of the Independent Insurance Agents and Brokers Association of Suffolk County. ICC’s employees boast over 500 years of combined insurance experience. This expertise, together with state of the art automation, allows ICC to provide unparalleled service to its customers. This has resulted in a client retention rate of 95%. More information is available at www.industrialcoverage.com.