Peoples Bancorp Inc. (PEBO) said Thursday that its insurance subsidiary, Peoples Insurance Agency, LLC, has acquired Jackson Insurance Brokerage and FreedomChoice Benefits Group.
The acquisitions complement Peoples Insurance's April acquisition of McNelly Insurance and Consulting Agency.
All three of the recently acquired agencies operate from the same office building in Jackson, Ohio. In addition, Jackson Insurance Brokerage operates a sales office in Chillicothe, Ohio, which will be retained by Peoples.
Peoples Insurance said it used cash to purchase all of the customer accounts of Jackson Insurance Brokerage, LLC and FreedomChoice Benefits Group, LLC, which are mostly employee benefit plans, and assumed certain liabilities of each acquired agency. The acquired customer accounts are expected to generate a combined annual insurance commission revenue of about $725,000.
Combined, the three acquisitions are expected to add nearly $1.2 million of annual insurance revenue for Peoples Insurance in the Jackson, Ohio region. When combined with the Pikeville acquisition completed in January, Peoples' annual insurance revenue is expected to exceed $12 million, of which about 80% will come from property and casualty insurance sales. In comparison, Peoples' insurance revenue totaled $9.8 million in 2012, with property and casualty insurance sales accounting for over 90% of that amount.
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