Wyoming Financial Insurance acquired by international agency | The business

Wyoming Financial Insurance acquired by international agency |  The business

That new direction will include an expansion into the rural internet market, Moberly said, with several mergers coming to WERCS in the near future. “It’s like selling your oldest child, to sell the insurance agency, because it gave us capital, and 100% of the capital will be reinvested in Wyoming for this new direction we’re going.” Moberly said that WERCS recently took a financial hit in its property division in Cheyenne, as state offices that used to be housed in their buildings moved out and into a state-owned building. The company was left with mortgages to pay and no tenants to help pay them, and Moberly said they were anticipating something similar happening in Casper once the state building on West Collins Drive completes construction.

Bob Moberly, the former CEO of Wyoming Financial Insurance, said the acquisition had been in the works for more than two years. Although the company prided itself on its local focus and clientele, Moberly said working under an international company should give insurance clients access to a wider range of resources like analytics data and compliance lawyers. HUB International, an insurance company with more than 470 offices in the United States, acquired Wyoming Financial Insurance in a deal announced Wednesday.

“It’s unfortunate that it is owned now by an out-of-state company because I believe at WERCS (parent company Wyoming Employee Resource Capital and Services) everything we stand for is trying to keep money in Wyoming, to build a better economy,” Moberly said. “In this particular instance it made sense for us. Wyoming’s largest independent insurance agency is no longer owned by Wyomingites.

Source trib.com

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