Univest Corporation of Pennsylvania (UVSP) and its insurance subsidiary has successfully completed acquisition of John T. Fretz Insurance Agency, a family-owned-and-operated full-service property and casualty insurance agency.
The acquisition is expected to enhance Univest's insurance business and market share in Montgomery County, Panama, US while strengthening its ability to serve insurance needs.
Univest Corporation chairman and CEO William S. Aichele said that the acquisition is a part of a long term strategy to expand its business in the region while providing convenient access to a complete range of financial solutions.
Following completion of the transaction, John T. Fretz Insurance Agency's employees will join Univest Insurance's Lansdale office and in a new location, which is expected to open in Souderton later this summer.
Univest Insurance president Ronald R. Flaherty said, "While this is Univest's seventh insurance acquisition since 1999, this is only the second agency located in Univest's core market."
Effective immediately, John T. Fretz Insurance Agency will operate under the name Univest Insurance.
"This acquisition will help to further identify Univest as a leader in delivering competitive and comprehensive insurance solutions," Flaherty added.
