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Buffalo, N.Y.-based First Niagara Financial Group Inc. said April 14 that its insurance subsidiary First Niagara Risk Management Inc. has acquired Pierson & Smith, an insurance brokerage, consulting and third-party administration firm based in Norwalk, Conn.
Buffalo, N.Y.-based First Niagara Financial Group Inc. said April 14 that its insurance subsidiary First Niagara Risk Management Inc. has acquired Pierson & Smith, an insurance brokerage, consulting and third-party administration firm based in Norwalk, Conn.
Terms of the deal were not disclosed. The acquisition closed April 8.
Pierson & Smith President Bruce Rogers and executive vice presidents Fred Butler and Matt Fair will become regional directors of insurance at First Niagara Risk Management. Kim McGillicuddy, currently COO, will stay on. Michael Watts, chairman and CEO, will have a senior advisory role at the firm and continue to work with clients. Pierson & Smith and its employees will stay at the company's current location.
With the acquisition, First Niagara Risk Management will have more than 410 employees and more than 14 offices in three states.
A spokesman for First Niagara told SNL that Mystic Capital Advisors advised the company on the deal.
Copyright SNL Financial LC Apr 26, 2011