ACNB Company, monetary holding firm for ACNB Financial institution and ACNB Insurance coverage Companies Inc., introduced the completion of the acquisition of the enterprise and property of Hockley & O’Donnell Insurance coverage Company LLC, Gettysburg, by its wholly-owned subsidiary, ACNB Insurance coverage Companies Inc., efficient Feb. 28, based on an ACNB launch.
“We’re excited to have Hockley & O’Donnell Insurance coverage Company be a part of ACNB Company via its wholly-owned subsidiary, ACNB Insurance coverage Companies, to be able to improve our capability to be the supplier of each banking and insurance coverage companies in our house market of Adams County,” mentioned James P. Helt, ACNB Company and ACNB Financial institution president and chief government officer. “It’s our intent to leverage this acquisition for elevated synergies and income throughout each the insurance coverage and banking subsidiaries. For ACNB Company shareholders, this implies additional worth and return on their funding as we execute plans for strategic development and solidify our place because the monetary companies supplier of selection within the core markets served.”
This transaction is the latest acquisition of a guide of insurance coverage enterprise by ACNB Insurance coverage Companies Inc., which is anticipated to extend gross premium {dollars} for the company by roughly 30 %, based on the discharge.
“Inorganic development, corresponding to this transaction, has been an integral a part of the insurance coverage company’s marketing strategy since its founding in 1978 as Russell Insurance coverage Group Inc.,” the discharge reads.
ACNB Company bought Russell Insurance coverage Group Inc., based mostly in Westminster, Md., in 2005. Since that point, the insurance coverage company subsidiary has expanded its footprint because of natural development in addition to acquisitions leading to further workplace places in Germantown and Jarrettsville, Md., and Gettysburg, based on the discharge.
Efficient Jan. 1, the company title was modified to ACNB Insurance coverage Companies Inc. to align the subsidiary title with that of ACNB Company and ACNB Financial institution, the opposite wholly-owned subsidiary of ACNB Company, based on the discharge.
The acquisition of the property of Hockley & O’Donnell Insurance coverage Company LLC fortifies the place of ACNB Insurance coverage Companies, Inc. within the larger Adams County market, the place ACNB Company and ACNB Financial institution had been based, the discharge reads.
ACNB Company, headquartered in Gettysburg, is the $2.8 billion monetary holding firm for the wholly-owned subsidiaries of ACNB Financial institution, Gettysburg, and ACNB Insurance coverage Companies Inc., previously Russell Insurance coverage Group Inc., Westminster, Md., based on the discharge.