The BISYS Group, Inc.
) has acquired Sacramento, California-based Poage Insurance Services
, an independent life insurance distributor serving the western U.S. The Poage acquisition is the latest of several acquisitions made by BISYS since entering the insurance marketplace in 1996. Terms of the transaction were not disclosed.
"We identified Poage as the ideal operation based on its long-time success as a major provider of quality insurance services to career and independent agents in the western region," said Tony Pascotti
, president of BISYS Insurance and Education Services group.
The strategic goal of this acquisition was to expand BISYS' West Coast sales opportunities, including an increased presence in
the bank marketplace. BISYS has significantly expanded its size and scope since entering the insurance marketplace and now serves more than 65,000 agents. BISYS' chairman and ceo, Lynn Mangum
, cited the Poage acquisition as another milestone in the expansion of BISYS' industry-leading insurance business.
"BISYS' unique role as the nation's largest, independent life insurance distributor enables both independent and
company-affiliated career agents to access a broad array of products, sophisticated technology, and professional marketing
assistance from a product-neutral source. Our goal is to help insurance producers find the best products for their clients' needs, and our continued success is based on the ability to help our distribution channel of agents sell more products, more efficiently," said Mr. Mangum.
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