The insurance services unit at Commerce Bancorp Inc. has agreed to buy a large Greenwich, Conn., insurance broker.[@@]
Commerce, Cherry Hill, N.J., says it will acquire BK International Insurance Brokers Ltd. to support its expansion into Connecticut.
Commerce plans to move into the Nutmeg State by opening retail branches in Norwalk, Conn., and Fairfield, Conn., in late July, and it ultimately hopes to have 25 branches in Fairfield County, Conn.
BK International sells employee benefits along with commercial and personal lines insurance products.
BK International also has created an international network of insurance brokers in Australia, France, Hong Kong, Italy, Netherlands, New Zealand, Spain and the United Kingdom.
The broker would become part of the Commerce insurance services unit, which was established by the bank in 1996 and now generates about $1 billion in annual premium revenue.