Commerce Bancorp Inc. announced Friday that it had hired Michael Tiagwad to be president of its Commerce Insurance Services subsidiary, the 22d-largest U.S. insurance broker.
Mr. Tiagwad's role is to include exploiting the business and service synergies between the insurance unit and Commerce Bank in Cherry Hill, N.J., the company said. He was president of Graham Co., a Philadelphia-region insurance brokerage.
Commerce's founder and chairman, Vernon W. Hill, pointed out in a press release that Mr. Tiagwad's hiring extends a move by Commerce to beef up its executive ranks. Other recent additions include Jon Sandeen, the director of development hired from Wal-Mart Stores Inc., and Stan Gregor, the president of Commerce Capital Markets hired from Bank of America/Fleet Boston.
Since its start-up in 1996, Commerce Insurance Services has achieved annual premium volume of nearly $1 billion, it said. Commerce Bancorp has $35 billion of assets, and its Commerce Bank unit has 350 branches in New Jersey, New York, Connecticut, Pennsylvania, Delaware, the District of Columbia, and Virginia.
