Pennsylvania-based insurance wholesale broker WN Tuscano Agency has completed acquisition of Special Risk Solutions (SRS), the brokerage division of Utica Mutual Insurance Company.
SRS is scheduled to commence operations under the Tuscano brand from 03 December 2012.
Many SRS members, including assistant vice president /underwriting manager Terri McDowell will join the Tuscano, as part of acquisition, which also provides Utica customers with immediate access to many specialty products and markets offered by Tuscano.
Tuscano Agency president Rob Tuscano said Special Risk Solutions also conduct business with the same values of service and relationship as the company.
''With our broad access to markets and the solid service and operations support we provide, we are positive that this acquisition will be a benefit for all the stakeholders," Tuscano added.
McDowell said the company's reputation and vast resources will greatly improve the ability to offer quality service.
Philo Smith & Co. served as sole financial advisory to Utica Mutual for the transaction.
WN Tuscano Agency is a family-owned and operated insurance wholesaler and surplus lines broker specialising in property and casualty insurance for both personal and commercial lines of business.