Fort Washington-based Patriot Growth Insurance Services, an insurance services firm that partners with employee benefits and property and casualty agencies, recently purchased Delaware-based WSFS Financial Corp.’s BMT Insurance Advisors (BMTIA) business.
BMTIA is an independent insurance brokerage and risk management consulting firm building custom insurance solutions for consumers and businesses.
The deal, which closed on June 30, includes an offer to continue employing all BMTIA associates.
“I am thrilled to have BMTIA join the Patriot family because not only are they on an accelerated organic growth path, they also have an amazingly talented team,” Patriot Founder and CEO Matt Gardner said. “As a lifelong Philadelphian, I was already familiar with BMTIA, and I am excited for them to now have all of Patriot’s national resources to provide to their clients. I know this will be a great partnership.”
Patriot employs 1,450 people at 120 locations in 22 states. Founded in 2019, Patriot’s business model delivers resources and strategic support to its agencies. GI Partners and Summit Partners back the firm.
WSFS Financial has $21 billion in assets and $58.1 billion in assets under management and administration. Its primary subsidiary is WSFS Bank, founded in 1832. WSFS operates 122 offices, 94 of which are banking offices, in five states.