West Chester Firm Buys Two Local Insurance Agencies
WEST CHESTER PA – Two local insurance agencies – L&B Insurance and Financial Services of Collegeville, and W.S. Hoffman Insurance of Phoenixville – have been acquired by Element Risk Management, a West Chester-based independent insurance agency with 17 locations across three states. Insurance Journal, an industry trade news service, reported the sales Tuesday (Jan. 25, 2022).
Terms and values of the purchases were not disclosed, it said.
L&B Insurance and Financial Services was established by licensed producer Jerry Lynam in 1994. W.S. Hoffman Insurance Agency has served Phoenixville and a surrounding five-county area for more than 50 years, and during roughly half of that time has been operated by Donald Diianni. Element Risk partner Dave Rivell said the two companies “also maintained an involved and active presence in their communities.”
Element Risk completed several acquisitions during 2021, its news posts noted, and anticipates others.