US insurance broker Rich & Cartmill Insurance and Bonds has acquired Oklahoma City-based Webb, Young & Webb Insurance Agency for an undisclosed price.
According to Rich & Cartmill, the acquisition will bring together the strengths of the two companies to allow it to better serve clients in Oklahoma and across the US.
The insurance brokerage firm further said that the transaction is a win-win for all parties while consolidating the two firm’s presence in the US Southwest.
Webb, Young, & Webb president Bobby Young said: “Finding a partner that shared the same principles was paramount in our consideration. Rich & Cartmill exemplifies these principles and has a rich history as well.
“A company full of industry leaders that is focused on putting the customer first made the decision an easy choice. We look forward to joining the Rich & Cartmill team, and most importantly, continuing our legacy.”
Founded in 1947, Webb, Young & Webb has built its foundation by placing its customers’ requirements first, said Rich & Cartmill.
Rich & Cartmill president Vaughn Graham said: “We are very pleased to welcome Webb, Young & Webb and the valued members of their professional staff and culture are true assets. Their knowledge of the Oklahoma insurance industry, their reputation as trusted advisors for Oklahomans and community leadership will prove to be a great addition.”
Headquartered in Tulsa, Oklahoma, Rich & Cartmill has been operating since 1922 with branches across Oklahoma, Kansas, Missouri, Louisiana and Indiana. The insurance brokerage firm provides property-casualty products and risk management services for construction firms and specialty trade contractors of all sizes.
Established by John Cartmill and Irwin Rich, the insurance agency has a team of more than 60 independent agents in the Oklahoma, Missouri, and Kansas areas. It also boasts of having more than 200 affiliations with companies across the US.
A year ago, the insurance broker acquired Howell-Stone Insurance for an undisclosed price to increase its presence in the Oklahoma City metro area.