US-based independently owned insurance brokerage Oswald Companies has purchased McManamon Financial Services, an Ohio-based company specializing in group benefits insurance, as part of its continues growth and expansion strategy.
Commenting on the acquisition, Oswald Companies CEO Robert J Klonk said that the deal complements its organic growth strategy, providing localized service on an international level through its Assurex partners, and driving meaningful results for clients.
"Our primary goal is continue to add strong talent to the Oswald family, and that is just what we found in this acquisition with Todd and his team," Klonk added.
The latest transaction represents the third acquisition during the last one year, including Union Insurance Group takeover in May 2012 and Knezevich and Foerster’s acquisition in February 2013.
McManamon Financial Services president Todd McManamon commented that the deal will offer the depth of resources and expertise, mainly in the area of health care reform, which will prove critical for its clients.
All employees of the acquired entity will remain at their current Westlake, Ohio location until August 2013, when Oswald relocates to its new headquarters.
Owned by Tom McManamon, McManamon Insurance delivers property and casualty insurance products, and is not part of the Oswald acquisition and will continue operating from its existing Westlake location.
Set up in 1893, Oswald caters an array of insurance services including group benefits, property and casualty, retirement plan services, life insurance and personal risk management.