Beneficial Insurance Services, a subsidiary of Beneficial Savings Bank, has acquired Philadelphia-based insurance brokerage firm Paul Hertel & Company. Beneficial, through Hertel, will now provide individual and business customers full access to an array of property, casualty, life, health and benefits insurance.
This acquisition represents one of several strategic initiatives Beneficial is undertaking to enhance its traditional banking services, said George Nise, president and CEO of Beneficial Savings Bank. It serves as a platform for our planned extension into the insurance community and allows us to expand existing business relationships.
Paul Hertel & Company, one of the US’ oldest independent insurance brokerage firms, is a leader in providing personal, commercial and specialty insurance products to diversified clients. The company will keep its headquarters in Philadelphia and continue operating under the Paul Hertel & Company name.
We are extremely excited about this unique opportunity, stated Robert Bush, president of Paul Hertel & Company. This partnership aligns us with a strong and growing financial services company that operates with a similar mission of establishing and maintaining relationships through personalized service.
Beneficial Savings Bank presently has 36 offices in the greater Philadelphia region and has $2.3 billion in assets.