US-based financial services company WSFS Financial has sold BMT Insurance Advisors (BMTIA) to Patriot Growth Insurance Services (Patriot) for an undisclosed sum.
The deal will allow BMTIA employees to continue to work in their current positions.
BMTIA is an insurance brokerage and risk management consulting company that provides custom-made insurance schemes for consumers and businesses across the US.
The divestment is not expected to materially impact WSFS’ future earnings.
WSFS Financial executive vice-president and chief financial officer Dominic C Canuso said: “We evaluated many factors when making this decision, with a priority of maintaining high-quality service and products for our Clients, and continued opportunities for our BMTIA Associates.
“Our focus is on the long-term organic growth opportunities for the Bank, the Wealth and Trust business, and our other strategic fee-based businesses.
“We determined that the best opportunity for BMTIA was with Patriot, which brings additional product offerings and scaled operations to the team and is a leader in the insurance industry.”
Patriot founder and CEO Matt Gardner said: “As a lifelong Philadelphian, I was already familiar with BMTIA and I am excited for them to now have all of Patriot’s national resources to provide to their clients.”
With headquarters in Fort Washington, Pennsylvania, the US, Patriot partners with insurance agencies across the country to provide them with resources and support.
Recently, Patriot announced a collaboration with PK Benefits Consulting (PK Benefits) in Pennsylvania.