George Petersen Insurance buys NorthWest

Copyright 2010 The Press Democrat, Santa Rosa, Calif.

Distributed by McClatchy-Tribune Business News

August 30, 2010 Monday

BUSINESS AND FINANCIAL NEWS

20100830-UR-George-Petersen-Insurance-buys-NorthWest-0830-20100830

449 words

George Petersen Insurance buys NorthWest

Robert Digitale, The Press Democrat, Santa Rosa, Calif.

Aug. 30--George Petersen Insurance of Santa Rosa will acquire NorthWest Insurance of Santa Rosa, forming one of the largest property and casualty companies based on the North Coast.

The acquisition, effective Wednesday, will result in the privately-held George Petersen growing to a dozen offices in California and Oregon with about 170 employees. Almost all the Northwest employees will be absorbed into the new operation, officials said.

George Petersen was the second-largest independent property and casualty company, behind Petaluma-based Wells Fargo Insurance Services, according to a list published last month by the North Bay Business Journal. NorthWest ranked fifth.

Terms of the acquisition were not released.

"This is a joining of two agencies with very similar values, cultures and approaches to customer service," President George Petersen and CEO Charlie Bussman said in a statement. "We've known and competed with (NorthWest Chairman) Mike Sullivan and NorthWest for a long time, and we're quite aware of the good name they've established over the years."

The companies offer commercial and personal insurance, as well as employee benefits such as health insurance.

The acquisition involves six NorthWest Insurance operations in Santa Rosa, Napa, Ukiah, Gualala, Fort Bragg and Eureka. NorthWest offices in Crescent City and Grants Pass, Ore., were sold to another agency.

George Petersen currently has offices in Santa Rosa, Redding, Eureka, Auburn, Rancho Cordova and Bend, Ore.

After the sale, Sullivan will continue to own a wholesale insurance company.

NorthWest President Mary Fairow, who will become George Petersen's Chief Administrative Officer, said the sale came about because Sullivan "wanted to retire out of the retail side of the operation."

Doug Dilley, a longtime Santa Rosa branch manager for George Petersen and the company's new chief operating officer, said the acquired NorthWest offices will continue to operate under their current name.

Eventually the company will consolidate the offices in two cities, Santa Rosa and Eureka.

"The strength of these combined firms will now exceed anything we previously could offer," Sullivan said in a statement. "This is a good day for both agencies and their clients."

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August 31, 2010

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