Citizens
Financial Group Inc., a unit of Royal Bank of Scotland Group Plc,
acquired Feitelberg Co., an 87-year-old insurance agency, the
Boston Herald reported. Terms weren’t disclosed.
Citizens said the purchase, which makes the company the 45th-
largest U.S. insurance brokerage, adds 6,500 individual and 1,500
business insurance clients, according to the paper. Feitelberg had
$65 million in premiums as of Sept. 1.
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The Feitelberg acquisition is the first time the Providence,
Rhode Island-based Citizens has bought a separate insurance
agency, the paper said.
Citizens doesn’t plan to fire any of the insurance agency’s
50 employees or close any of its six offices, the paper reported.
Fall River, Massachusetts-based Feitelberg will keep its name.
Bloomberg News
