Univest Corporation of Pennsylvania (Nasdaq:UVSP) and its insurance subsidiary, Univest Insurance, Inc., have announced the acquisition of Sterner Insurance Associates Inc. ("Sterner Insurance"), a full service firm providing insurance and consultative risk management solutions to individuals and businesses throughout the Lehigh Valley, Berks, Bucks and Montgomery counties.
"Growth of the Univest Insurance business through acquisition is part of our long-term strategy to expand our solutions and meet the financial needs of consumers and businesses in the region," said Ronald R. Flaherty, president of Univest Insurance, Inc. "Sterner Insurance has been a well-run agency with steady, profitable growth over two decades and we are excited to welcome the employees and further strengthen Univest's growing presence in the Lehigh Valley."
Sterner Insurance was founded by Alan F. Sterner, who served as president and CEO of the agency. From a single employee in 1994, Sterner Insurance is now a 21-person firm that operates two offices in Lehigh Valley and Berks County and specializes in commercial insurance, employee benefits, personal insurance, life insurance and business continuation planning. Sterner will serve as senior vice president at Univest Insurance, Inc. and be responsible for leading the Lehigh Valley and Berks County insurance operation.
"Like Univest, Sterner Insurance has been a well-respected, local agency with a deep commitment to our customers, team members and community," said Sterner. "I am excited for this acquisition as I respect Univest and their significant financial strength, which will
bring new opportunities to our customers and team members as we continue to grow."
This acquisition marks Univest's eighth insurance acquisition since the Corporation started expanding its financial solutions beyond traditional banking in 1999. Since that time, Univest has invested significantly into becoming a full-service financial provider by growing organically and through more than a dozen acquisitions. Today, as a locally-based company headquartered in Souderton, Montgomery County, Univest offers banking, insurance, investment, wealth management, trust, mortgage banking, and equipment financing solutions.