Church Mutual Insurance Company, the largest insurer of property and casualty in all denominations of religious organizations, completed on June 1 its acquisition of School Boards Insurance Company of Pennsylvania, Inc. and School Claims Services, LLC. The acquisition allows SBIC, SCS and Merrill, Wisconsin-based Church Mutual to deepen their financial strength, expertise and commitments to their communities. The companies, aligned in their missions to protect the greater good, enjoy the endorsement of the Pennsylvania School Boards Association (PSBA).
Church Mutual had announced in October 2015 its intent to acquire SBIC and SCS, both based in Mechanicsburg, Pennsylvania, to expand its reach in the public schools market.
“This is a monumental day in Church Mutual’s history and we are excited to extend our financial strength and stability to two companies that closely align with our values,” said Rich Poirier, CEO of CMIC. “Today, we open the doors to the first day of our shared journey.”
The acquisition is a win-win for everyone.
Joining with a national insurance company licensed in all 50 states gives SBIC and SCS the opportunity to expand beyond Pennsylvania, mitigating the geographic concentration risk for their customers and the company.
The acquisition also allows CMIC to diversify its holdings and continue to grow and PSBA to concentrate on its mission of providing tools, training and advocacy to its elected school board membership.
“We are honored to officially welcome SBIC and SCS into our Church Mutual family,” said Scott Names, vice president — CIO of CMIC. “Our shared missions of protecting organizations that improve the human condition have set us up for success and we feel confident that there will be tangible benefits for our current and future customers.”