Banks Buying Insurance Agencies Must Plan Strategy and Bridge Culture Gaps to Unleash Potential, Says North Bridge Advisors.Business Editors CONCORD, Mass.--(BUSINESS WIRE)--Nov. 2, 2001 Banks are buying up insurance agencies across the country, but an acquisition is never a "no-brainer," consultant Gerald C. Vigneron vigneron a cultivator of grape vines; viticulturist. See also: Wine writes in a recent edition of the National Underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. . "By combining forces, both the bank and the agent can come out ahead--if the deal has been structured properly and there's a good fit between the bank and the agency," writes Vigneron, managing director of North Bridge Advisors Inc. in Concord, Mass. "Bridging the cultural gap between bankers and insurance agents takes intensive effort and planning. Unless both parties understand what they're getting into, a merger won't unleash the potential." The article covers the key points bankers should examine when evaluating an agency, including the agency's management strength, growth potential, service capability, automation, financial condition and contracts. The article can be read online at: http://www.nunews.com/pandc/nuonline/101501/P200142bank-agent.asp North Bridge Advisors, Inc. (www.northbridgeadvisors.com) of Concord, Mass., is a consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that helps community banks identify and evaluate insurance agencies for acquisition, negotiate the sale and manage them profitably. Its clients include Waypoint way·point n. A point between major points on a route, as along a track. Financial Corporation and Stoneham Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. . More information can be obtained from Vigneron at 978-369-6924 or gcv@northbridgeadvisors.com. |
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