UNFCU Financial Services LLC Acquires Industrial Coverage Corp
LONG ISLAND CITY, N.Y., Jan. 30, 2013 /PRNewswire/ -- 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.
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