M&T Insurance Agency Inc. said Wednesday that it had bought Hess Egan Hagerty & L'Hommedieu Inc., a commercial insurance and surety brokerage in Chevy Chase, Md.
Hess Egan is to operate as a division of M&T Insurance. The agency's principals are to remain with it, and Robert E. Walsh, its president, is to be a vice president and regional manager of the division. The deal price was not disclosed. M&T Insurance is a subsidiary of M&T Bank Corp. in Buffalo and is part of its M&T Investment Group.
"M&T expanded into Maryland, Virginia, and Washington, D.C., in 2003," Mark J. Czarnecki, M&T Investment Group's president, said in a press release, "so growth of the insurance business is a natural progression."
The Hess agency was established in 1967 and has 38 employees; it has Pennsylvania and New Jersey offices in addition to its Maryland headquarters.
M&T Bank has more than $55 billion of assets and 650 branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, and the District of Columbia.
