LANSDALE, PA — In a strategic move to bolster its footprint in Michigan, Pennsylvania-based Union Bay Acquisition LLC, a leading aggregator of insurance agencies, has acquired Steinman Agencies, Inc. The terms of the deal, which integrates two prominent players in the insurance industry, were not disclosed.
Steinman Agencies, with offices in Bad Axe and Pigeon, Michigan, brings to Union Bay a rich legacy of providing property-casualty insurance services in the “thumb” area of Michigan. This acquisition expands Union Bay’s portfolio and strengthens its presence in the region.
Lee E. Steinman, President of Steinman Agencies, expressed enthusiasm about the merger. “We are excited to bring Steinman Agencies to its next level of growth and development by teaming up with Union Bay,” he said. Steinman added that he is confident that the transaction would be beneficial for all stakeholders, including their insureds and insurance company partners.
Douglas M. Polley, Chairman of Union Bay Acquisition, echoed Steinman’s sentiments, stating, “We are pleased to welcome Steinman Agencies, Inc.” He praised Steinman and his team for their deep knowledge of property-casualty insurance and expressed eagerness to integrate their expertise into Union Bay’s operations.
This acquisition comes at a time when the insurance industry is witnessing rapid consolidation. By acquiring Steinman Agencies, Union Bay Acquisition LLC is positioning itself to better serve its clientele while expanding its service area. The move also signifies Union Bay’s commitment to strengthening its market position and enhancing its service offerings.
The merger of these two entities could result in more robust and diversified insurance solutions for customers in the region. Furthermore, it underscores the ongoing trend of consolidation in the insurance sector, where companies are seeking to enhance their capabilities and reach through strategic acquisitions.
Overall, this acquisition marks an important milestone for both Union Bay Acquisition LLC and Steinman Agencies, Inc. It not only signals growth and expansion but also promises to bring about synergies that could potentially reshape the insurance landscape in the “thumb” area of Michigan.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.