Greater Bay Bancorp, an East Palo Alto, Calif., banking company with $6.9 billion of assets, announced Thursday that its insurance subsidiary had signed a definitive agreement to buy Lucini/Parish Insurance Inc. in Reno, Nev.
The commercial insurance brokerage had revenue last year of about $21 million; it has expertise in construction, medical malpractice, jewelers, and other middle-market niches, Greater Bay said. The deal's terms were not disclosed.
ABD Insurance and Financial Services, the Greater Bay insurance unit, had 2004 revenue of about $130 million. It employs nearly 650 people in 13 offices across California, Washington, and Nevada. The Lucini firm employs more than 135 professionals and specializes in property and casualty insurance services and risk management consulting from offices in seven Nevada and California cities.
Frederick J. de Grosz, ABD's president and chief executive officer, said in a press release that the deal would "further leverage ABD's lines of business expertise, branding identity, and pricing capabilities." He said his unit would also have opportunities to cross-sell its employee and executive benefits consulting and retirement plan services, as well as directors and officers consulting and enterprise risk management to Lucini customers.
