One insurance industry investment bank has scooped up another insurance industry investment bank.

Hales & Company Inc., New York, says it has acquired WFG Capital Advisors L.P., Harrisburg, Pa.

The price of the deal and other terms were not immediately available.

Hales, founded in 1973, has helped insurance agencies, insurance brokers and insurance companies complete $1 billion in mergers, acquisitions and other deals since 2005, the firm says.

WFG, founded in 1996, also has been helping companies in the insurance industry arrange deals.

Robert Lieblein, president of WFG, and other WFG professionals will be joining Hales, Hales says.