BISYS announced today that it has acquired Minnesota-based First Northern Financial Resources, Inc., an insurance brokerage firm specializing in the wholesale distribution of traditional life insurance and annuities. Terms of the transaction were not disclosed.
The acquisition of First Northern supports BISYS’s strategy of buying up local insurance brokerage firms. This acquisition enhances BISYS’s presence in the north central United States, specifically Duluth and Minneapolis, Minnesota, and immediately expands the national network of independent agents and financial planners using BISYS insurance products and support services.
According to Dennis Sheehan, BISYS’ president and chief operating officer, “First Northern has an outstanding reputation and has been very successful supporting individual insurance professionals with its distribution solutions. Acquiring this successful firm, which provides the opportunity to leverage First Northern’s strong and growing geographical presence, enhances BISYS’ potential in key regional and metropolitan areas, and strengthens our position as the nation’s leading independent life insurance distributor.”
Dave Whittaker, principal for First Northern, reported, “Becoming a strategic component of BISYS, the insurance industry’s most dynamic wholesale provider of life insurance and a recognized technology leader, significantly expands our portfolio of insurance products and generates material cross-sale opportunities with our established network of producers. Joining BISYS also enhances the technology-based sales and back-office services available to support the growth goals, operating efficiencies, and service levels of our producers.”
This acquisition is BISYS’s 14th insurance-related acquisition since 1996, and continues the expansion of its fastest growing business line. The Insurance and Education Services group now generates the highest internal growth rate and margins among BISYS’ three functional groups.