Pierson & Smith, Inc. has recently entered into an acquisition agreement with First Niagara Financial Group, Inc.’s (NASDAQ:FNFG) insurance subsidiary, First Niagara Risk Management (FNRM), one of the nation’s largest insurance agencies. The Pierson & Smith management team and staff will remain committed to servicing your insurance needs from our office at 40 Richards Avenue in Norwalk.
Pierson & Smith President, Bruce Rogers, and Executive Vice Presidents Fred Butler and Matt Fair will be remaining with the Company and each will serve as a Regional Director of Insurance. Kim McGillicuddy, Chief Operating Officer, will also remain as part of the management team. Michael Watts, Pierson & Smith Chairman and Chief Executive Officer, will continue to work with clients and the firm in a senior advisory role.
First Niagara Risk Management’s $43.9 million in 2009 brokerage revenues generated by U.S.-based clients made it the nation’s 50th largest broker and the ninth-largest bank-owned insurance agency, according to Business Insurance magazine. With the acquisition of Pierson & Smith, Inc., FNRM will have over 410 employees and more than 14 offices in three states. First Niagara Risk Management recently moved into the top 40 largest brokers in 2010 and has been recently named as part of an elite group of independent insurance agencies around the United States participating in the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) “Best Practices” Study Group. Only 224 independent agencies out of 27,000 throughout the U.S qualified for this honor.
