Univest Buys Another Insurance Agency, Its Ninth
SOUDERTON PA – Univest Financial Corp. – of which Univest Bank and Trust Co., with branch offices in Collegeville, Harleysville, Skippack, and East Greenville, is a subsidiary – has again expanded its insurance business holdings, the company reported Wednesday (Dec. 1, 2021).
Another corporate subsidiary, Univest Insurance LLC, completed its purchase of the Paul I. Sheaffer Insurance Agency in Intercourse PA. The Central Pennsylvania business was founded in 1951, and represents more than 40 insurance companies. All agency employees will be retained, and the firm will immediately begin operating under the Univest Insurance name, according to a media release.
Its former principal, Paul I. Sheaffer II, will work with the new owner as its senior vice president and Central Pennsylvania regional manager, the release added.
The insurance acquisition becomes Univest’s ninth such purchase since 1999, when the corporation started expanding its financial operations beyond traditional banking, it said.
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