Commerce Bancorp Inc. of Cherry Hill, N.J., said Monday that it has completed the management buyout of most of its insurance brokerage business.
In October, Commerce agreed to sell itself to Toronto-Dominion Bank. (That deal is expected to close this quarter.) But George E. Narcross, the chairman of Commerce's insurance brokerage business, and Michael Tiagwad, its president, agreed at that time to buy various insurance lines, including property/casualty and specialty policies. The price was not disclosed.
Commerce Bancorp plans to retain its personal insurance line.
The executives formed a company called Commerce Insurance Services with 13 branches and about 400 employees.
