To provide a wider array of insurance programs to its members, UNFCU Financial Services LLC said it has acquired Industrial Coverage Corp., a privately held commercial and personal insurance agency.
UNFCU Financial is a wholly owned subsidiary and CUSO of the $3.7 billion United Nations Federal Credit Union in Long Island City, N.Y.
Under terms of the deal, UNFCU Financial, through its Insurance Centre, will significantly enhance its product and service capabilities for its members in the United States who are the active and retired staff of the United Nations community and their families, according to the CUSO.
The Patchogue, Long Island, N.Y.-based ICC will continue to operate under the Industrial Coverage Corp. name, serving its existing and new clients directly, UNFCU Financial said.
Among ICC’s lines are auto and property insurance for businesses with business income interruption, general liability, property of others and crime insurance included in their suite of business owner policies.
Founded in 1958 by Michael J. Romeo, ICC is a family-owned insurance agency. The firm said it serves more than 3,500 clients and will remain in Patchogue along with three generations of the Romeo family and more than 20 other ICC professionals.
“We will remain a family agency, but are just part of a larger family,” said Joseph M. Romeo, president of ICC, who with his brother Michael A. Romeo Sr., executive vice president, will continue in leadership roles.
With the acquisition, UNFCU Financial said it will have more leverage with and access to insurance carriers and products for personal insurance, as well as to comprehensive business insurance, an ICC specialty area and one the CUSO plans to enter.
The full integration of the two organizations will be completed within the next 30 days, according to UNFCU Financial.
William Predmore, president/CEO of UNFCU, said the combination of the organizations will drive growth and position CUSO as a regional force in the insurance brokerage industry.
“We are known across the industry and our membership for our long history of innovation and I could not think of a better way to begin 2013 than by delivering more options and resources in the service of risk management for our members and their families stateside,” Predmore said.