Norman-Spencer Agency Acquires Administrator and Wholesale Brokerage
- May 18, 2020
Norman-Spencer Agency, LLC, Acquires Intercorp Inc. and BNK Insurance Services
DAYTON, OH -- Norman-Spencer Agency, LLC (“Norman-Spencer”) a program administrator and wholesale brokerage, is pleased to announce it has acquired the business assets of Intercorp Inc., and BNK Insurance Services. Terms of the deals were not disclosed.
Intercorp Inc. (“Intercorp”) is based in Ephrata, PA. Intercorp is a national insurance program management firm that manages insurance programs and operates as a wholesale broker in the professional and environmental liability fields. They will continue to manage professional liability insurance programs for Appraisal Firms and Appraisal Management Companies as a division of Norman-Spencer.
“Since 1988, Norman-Spencer has served many different industries like we have at Intercorp, and especially in the real estate industry,” said Elaine Matternas, Principal Owner of Intercorp. “Our history and services truly align with one another and we are ecstatic to be a part of their ongoing efforts to strengthen their real estate insurance programs.”
BNK Insurance Services (“BNK Insurance”) is a managing general agency that specializes in professional liability insurance for niche industries, including Real Estate Agents, Home Inspectors, and Mortgage Brokers. BNK’s executive leadership team brings almost 50 years experience to Norman-Spencer with their retail, MGA, underwriting and claims background.
In addition to the acquisition, Matt Nangle, President and CEO of BNK Insurance, will join Norman-Spencer as Vice President of Professional Liability. He also serves as Advisory Board Member for the Target Markets Program Administration Association.
Matt Nangle said, “I’m looking forward to this opportunity to help build on our Professional Liability programs. I believe we are in a market ripe for consolidation. The merging of BNK’s expertise with Norman Spencer’s existing portfolio positions us to significantly scale the real estate vertical, as well as expand into other professionally liability segments.”
“Intercorp and BNK Insurance are highly respected and well-known program management agencies in the industry and have been for many years. Therefore, we are honored to be working together in order to provide the best insurance coverage for our real estate professionals in the industry,” said Brian Norman, President of Norman-Spencer. “I also want to thank Matt Nangle for joining our Professional Liability team, and we are looking forward to seeing him expand and grow our program moving forward.”
Norman-Spencer acquired BNK Insurance and the real estate division from Intercorp in an effort to continue to grow and strengthen their real estate professional programs.