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Member, Beacon International Group, Ltd.
UNFCU Financial Services L.L.C. announced on Wednesday that it has acquired the Patchogue, N.Y.-based insurance brokerage Industrial Coverage Corp. Terms of the purchase were not disclosed.
Based in Long Island City, N.Y., UNFCU Financial Services is a wholly owned subsidiary of the United Nations Federal Credit Union, which provides banking, insurance and other financial services to active and retired United Nations staff and their families.
Under the terms of the deal, ICC will maintain its headquarters in Patchogue and continue to operate under its current name.
Stephen Ryerson, UNFCU Financial Services’ president, said in a statement that the acquisition of ICC was intended in large part to enhance the credit union’s portfolio of commercial insurance coverages, including property, general liability, third-party property, crime and business interruption.
"ICC's business insurance mix complements our Insurance Centre's personal lines of insurance," Mr. Ryerson said in the statement. "The fact that ICC shares our service culture which puts members, clients and their needs first was extremely important."
The companies will be fully integrated within 30 days, according to UNFCU’s statement.