Beneficial Insurance Services, a subsidiary of Beneficial Bank in Philadelphia, announced that it has acquired Pye Karr Ambler & Co. Inc. (PKA), an independent insurance agency in Jenkintown, Pennsylvania. Terms of the transaction were not disclosed.
Beneficial Insurance said the PKA acquisition enhances its insurance brokerage presence in the Delaware Valley region and aligns with Beneficial’s strategic growth plans.
PKA was founded in 1953, by William M. Pye, George W. Karr, Streeper Karr, and C. Henry Ambler. Under the transaction, PKA President and CEO Lou Karr and the agency’s two staff members will join Beneficial Insurance. PKA’s Jenkintown office will continue to be used for the immediate future, Beneficial Insurance said.
Beneficial Insurance is an insurance brokerage offering commercial, personal, and benefit products. Its parent Beneficial Bank has more than 58 offices in the greater Philadelphia and South Jersey regions and approximately $5 billion in assets. Beneficial Bank offers commercial, consumer and real estate lending, insurance and wealth management.
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