BISYS announced today that it had acquired New York-based Career Brokerage (aka Feingold Scott, Limited), an insurance brokerage firm specializing in the wholesale distribution of life, annuity, disability, and long-term care insurance products. Terms of the transaction were not disclosed.
This acquisition, BISYS’s 16th insurance-related acquisition since 1996, increases its coverage of a target geographic market. According to Dennis Sheehan, BISYS’s president and chief operating officer, “Career Brokerage is a successful firm recognized for its distribution innovations and the loyalty of its distribution partners. We expect the synergies between our firms’ product offerings, distribution expertise, and professional staffs will immediately benefit our collective distribution channels and generate growth opportunities in the lucrative New York marketplace.”
Les Feingold, president, and Chris Scott, executive vice president of Career Brokerage, will join BISYS and continue to provide executive oversight of the regional business initiatives. “BISYS offered us the unique opportunity to join a firm that can immediately enhance the competitive advantages on which we have built our business,” says Feingold. “BISYS shares our fundamental commitments to leveraging advancing technology to continually improve the distribution process, and to providing the professionalism and the superior levels of service necessary to strengthen our relationships with carriers and the diverse financial services professionals now selling our insurance products.”
Scott added: “BISYS has an extremely efficient and effective operational structure, so we anticipate a seamless transition. This expedited transition will enable us to deliver the material benefits BISYS offers, in particular its advanced sales and back-office technology, to our distribution partners almost immediately. We also are looking forward to taking advantage of BISYS’ underwriting expertise for our most challenging cases.”