"This merger represents an exciting new opportunity for our clients, employees and insurers," said Frank D. Svitek, president and chief executive officer of Clair Odell Group.
"The powerful combination of the personalized service and attention of our senior management and staff, backed by the financial resources and other services of Mellon Bank, will provide the best of both worlds to our clients, employees and insurers.We are proud to join the extremely well run and respected Mellon organization as we continue our second 50 years of dedicated service to the insurance industry and the community."
With approximately $71 million in annual premiums placed, Clair Odell Group
is one of the largest independent agencies in eastern Pennsylvania and the 75th largest privately owned agency in the United States based on revenues.In addition to property and casualty lines, Clair Odell Group
provides a full range of life and health, employee benefits, surety and personal lines insurance services.Under the agreement, which is expected to close by the end of the second quarter, Clair Odell Group
will become a Mellon subsidiary under the direction of its current management team, and will retain its identity and its operational and professional independence.