Maple Insurance Group. a Harrisburg-based agency has been acquired by Union Bay Acquisition LLC, a Lansdale-based insurance-agency aggregator. Terms of the transaction were not disclosed.
Following the acquisition, Maple is expected to continue doing business under its own name, said Gultaiz Sultan, Maple’s founder and president.
While other buyers have made offers for the agency, Sultan said he chose Union Bay because it did not want to make many changes.
“They want to continue the growth pattern that we have and maintain the relationships that we have,” Sultan said.
Sultan founded Maple eight years ago after the New Jersey-based insurance company where he worked as a business intelligence analyst shut down his department.
In an interview, Sultan said he was visiting a friend in Canada who suggested he open his own agency.
Sultan said he built Maple by word of mouth and through referrals, as well as a focus on transparency and custom insurance solutions.
The Harrisburg agency now has seven employees, an office in Philadelphia and about 1,200 mostly commercial customers.
The buyer: Union Bay Acquisition is the parent company of Union Bay Risk Advisors, also based in Lansdale.
Maple is Union Bay’s 15th acquisition to date and fourth in Pennsylvania.
“Gulraiz Sultan and his team are a skilled group of professionals with deep knowledge of property-casualty insurance, and we are excited to augment our portfolio with their expertise,” Union Bay chairman Douglas Polley said in a statement.
The trend: Independent insurance agencies have been targets for consolidation for several years.
Other industry aggregators include Keystone Agency Partners in Susquehanna Township, which has made 85 acquisitions since its founding in 2020.
A Keystone affiliate in Illinois, Árachas Group, said Friday it bought M&H Insurance Agency in Minnesota.
