Home Business St. John business First Insurance Agency Acquires Two Other Agencies

First Insurance Agency Acquires Two Other Agencies


Oct. 6, 30, 2005 – First Insurance Agency Inc. has entered into an agreement to purchased St. Croix and St. Thomas Insurance, according to a press release from First Insurance this week.
The release said a transfer would begin for all staff and accounts immediately. A 45-day transfer period has been established. All parties are working to finalize the transaction and to integrate the business.
Tom and Jeanette Fitzsimmons, the well-known principals of St. Croix Insurance will join the First Insurance Agency to continue managing existing and marketing new relationships. "We are extremely pleased to welcome them and their successful team to our organization." Cassan Pancham, first senior vice president said in the press release.
"The most important element of this transaction will be a smooth transition for our clients and employees," said Tom Fitzsimmons, owner and general manager of St. Croix Insurance. "Our staff has served the V.I. community since 1988 and we will continue to enjoy doing so."
The St. Croix Insurance business includes an office on St. Croix and an office on St. Thomas; increasing First Insurance's network to three St. Thomas offices and two St. Croix offices. All employees will transition to First Insurance, increasing the staff to 31 on both islands.
St. Thomas Insurance, headed by Warner Bowers is located in Lockhart Garden Mall. "I'm looking forward to working with First Insurance and the challenge of growing the company. I have enjoyed fresh beginnings in the past and I am positive that will ring true again. Client service has always been our No.1 priority and I'm confident our clients will be pleased with the change." Bowers said.
This acquisition continues First Insurance's expansion strategy, which in 2004 included its acquisition of Marian G. Mathes and Associates in St. Thomas. Marian Mathes, along with her knowledgeable staff, became members of the First Insurance Agency family.
Asked why First Insurance was making these acquisitions now, Pancham responded, "Our goal is to become a top tier player in the insurance agency business in the USVI. While we see increased market share coming primarily from organic growth, we will take advantage of any acquisition opportunity that fits with our strategy. Both acquisitions, first Marian G. Mathes and Associates and now St. Croix/St. Thomas Insurance are substantive steps towards our goal. From both acquisitions we've gained new accounts and notably, highly qualified professionals in the insurance business."
The press release stated that First Insurance provides protection through all lines of insurance to create a safe and secure future for individuals, families and businesses. Each agent is trained to continually look for ways to provide added value while saving the client time and money.
It is the company's mission to help insured's make informed decisions and provide the highest quality in protection at the most affordable price.


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