The Insurance Information Institute, one of the few remaining independent trade associations representing the property/casualty industry is to be folded into The Institutes in a deal to be finalized in July.

The affiliation will bring the I.I.I. brand into the Institutes structure, and “reflects the changing landscape of the broader industry and the economy,” the organizations said in a joint statement Thursday.

As previously reported by Business Insurance, acquisition talks between The Institutes, the Malvern, Pennsylvania-based provider of education and research in risk management and property/casualty insurance and the I.I.I. were at an advanced stage.

The plan to affiliate was approved Wednesday by the Institutes’ board of directors and earlier this month by the I.I.I. board, the joint statement said.

“Combining their assets with ours will allow both organizations to turn the page on the next chapter of their operations and sets both of us up for continued long-term success," Peter Miller, president and CEO of The Institutes, said in the statement.

The decision is the “culmination of several years of strategic dialogue both internally at the Triple-I and with The Institutes,” Sean Kevelighan, I.I.I. CEO said in the statement.

The deal follows a series of acquisitions by the Institutes, which offers numerous educational courses and professional development resources for the insurance and risk management sector, including the Chartered Property Casualty Underwriter and Associate in Risk Management designation programs. It serves about 100,000 students a year, and its CPCU Society has more than 20,000 members.

The I.I.I.’s membership includes more than 60 insurers.

The announcement follows a trend of consolidation among industry trade associations, including the 2018 merger of the American Insurance Association and the Property Casualty Insurers Association of America to form the American Property Casualty Insurance Association.

In 2017, the National Association of Professional Surplus Lines Offices Ltd. and the American Association of Managing General Agents merged to create the Wholesale & Specialty Insurance Association.