Subscribe Now! It's Free

Regional benefits firms merge

Lemoyne-based insurance and benefits agency Gunn-Mowery is expanding its footprint in York County

The firm has acquired Central Penn Benefits, an insurance and benefits agency in West Manchester Township, York County.

Terms of the transaction, which closed May 1, were not disclosed. But Central Penn Benefits will continue to operate under its own name and from its existing office as a division of Gunn-Mowery.

Jennifer Geesey, who founded the York-area agency in 2004, is now vice president of benefits at Gunn-Mowery and has a stake in the West Shore firm.

“We feel like this is the next step for Central Penn Benefits,” Geesey said in an interview with biznewsPA. “We’re definitely excited for the future and what we can do for employers.”

Why is this happening: Consolidation has been a trend among independent insurance and benefits brokers.

Recent M&A activity has been dominated by firms backed by private equity. However, investor-backed firms have been less active lately due to the rise in interest rates, which has made borrowing for deals more expensive.

Independent agencies like Gunn-Mowery and Manheim Township, Lancaster County-based Horst Insurance are now back in the market. Earlier this year, Gunn-Mowery acquired Wagner Giblin Insurance in the Erie area.

Overall, Gunn-Mowery has acquired about 15 firms over the years, said Greg Gunn, its president and CEO.

How is this happening: Gunn and Geesey said they began discussing a potential merger last summer.

Geesey had been approached by other potential buyers. But she wanted to align with a firm that shared her focus on customer service and would keep her small staff in place.

She described Gunn-Mowery as “a really good fit. We’re very similar.”

As part of a larger agency, Central Penn Benefits now has more clout with health insurers and other benefits providers, Geesey said. That could translate into more options for clients.

For Gunn-Mowery, the merger creates additional opportunities for its 62 employees and more services for clients, Gunn said. “We’re excited about it.”

In addition to its West Shore headquarters, Gunn-Mowery has offices in Erie, Lititz and State College. The firm provides personal insurance, commercial insurance and employee benefits.

Lemoyne-based insurance and benefits agency Gunn-Mowery is expanding its footprint in York County

The firm has acquired Central Penn Benefits, an insurance and benefits agency in West Manchester Township, York County.

Terms of the transaction, which closed May 1, were not disclosed. But Central Penn Benefits will continue to operate under its own name and from its existing office as a division of Gunn-Mowery.

Jennifer Geesey, who founded the York-area agency in 2004, is now vice president of benefits at Gunn-Mowery and has a stake in the West Shore firm.

“We feel like this is the next step for Central Penn Benefits,” Geesey said in an interview with biznewsPA. “We’re definitely excited for the future and what we can do for employers.”

Why is this happening: Consolidation has been a trend among independent insurance and benefits brokers.

Recent M&A activity has been dominated by firms backed by private equity. However, investor-backed firms have been less active lately due to the rise in interest rates, which has made borrowing for deals more expensive.

Independent agencies like Gunn-Mowery and Manheim Township, Lancaster County-based Horst Insurance are now back in the market. Earlier this year, Gunn-Mowery acquired Wagner Giblin Insurance in the Erie area.

Overall, Gunn-Mowery has acquired about 15 firms over the years, said Greg Gunn, its president and CEO.

How is this happening: Gunn and Geesey said they began discussing a potential merger last summer.

Geesey had been approached by other potential buyers. But she wanted to align with a firm that shared her focus on customer service and would keep her small staff in place.

She described Gunn-Mowery as “a really good fit. We’re very similar.”

As part of a larger agency, Central Penn Benefits now has more clout with health insurers and other benefits providers, Geesey said. That could translate into more options for clients.

For Gunn-Mowery, the merger creates additional opportunities for its 62 employees and more services for clients, Gunn said. “We’re excited about it.”

In addition to its West Shore headquarters, Gunn-Mowery has offices in Erie, Lititz and State College. The firm provides personal insurance, commercial insurance and employee benefits.

Share:

Gladly Sponsored By:

More Central PA News