MVB Financial in Fairmont, W.Va., has sold most of its insurance business to USI Insurance Services in Valhalla, N.Y.
The $1.4 billion-asset MVB disclosed in regulatory filing Friday that USI paid $8.4 million for "substantially all of the assets" of MVB Insurance. MVB said it retained the assets tied to its title insurance business, which it will continue to operate.
All of the insurance unit's employees, including Chief Executive Randy Cober and President Kenneth Juskowich, were offered jobs at USI.
MVB sold the business because of "the high level of competition and the rapid pace of consolidation within the insurance industry," which "presented challenges to further develop our insurance services offering," Larry Mazza, MVB's president and CEO, said in the filing. "We are confident the sale to USI, an organization dedicated solely to the insurance business, presents continuity of a high level of service and a strategic partner for our clients, while enhancing value for our MVB shareholders."