WSFS Financial sold the business of BMT Insurance Advisors (BMTIA), an independent insurance brokerage and risk management consulting firm to Patriot Growth Insurance Services (Patriot). The deal includes continuing employment for all BMTIA associates and is not expected to materially impact future earnings. The deal closed on June 30.
Based in Fort Washington, PA, Patriot is an insurance services firm that partners with employee benefits and property and casualty agencies across the United States.
“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,” Dominic C. Canuso, executive vice president and CFO for WSFS, said. “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.”
“I am thrilled to have BMTIA join the Patriot family because not only are they on an accelerated organic growth path, they also have an amazingly talented team,” Matt Gardner, founder and CEO of Patriot, 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. I know this will be a great partnership.”