NU Online News Service, July 5, 4:33 p.m. – The Bisys Group Inc., Little Falls, N.J., an insurance distributor, has purchased The Toner Organization, Exton, Pa., an insurance brokerage firm that works with a network of 7,000 insurance agents and brokers.
Terms of the transaction were not disclosed.
Lynn Mangum, chairman of Bisys, says the Toner acquisition will boost his company's market position in the mid-Atlantic region.
The Toner acquisition is the fourth insurance-related acquisition Bisys has announced in the last 12 months. The other three deals were the acquisition of Ascensus Insurance Services in July 2000; the acquisition of Advanced Markets L.L.C. in March; and the acquisition of the Insurance Exchange of America in May.
Bisys is expanding its insurance and education services division because the division is generating a higher internal growth rate than the company's other divisions, the company says.
The division reported an 82% increase in revenue for the quarter that ended March 31 from revenue for the comparable quarter in 2000, and an increase of almost 100% in operating earnings, Bisys says.
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