Benzinga | Dec 1, 2021 04:24PM EST

Univest Financial Reports Its Insurance Subsidiary Purchased Paul I. Sheaffer Insurance Agency, No Terms Disclosed

Univest Financial Corporation (NASDAQ:UVSP) and its insurance subsidiary, Univest Insurance, LLC, today announced the acquisition of the Paul I. Sheaffer Insurance Agency, a full-service firm providing insurance solutions to businesses and individuals in Central Pennsylvania.

"For 70 years, the Paul I. Sheaffer Insurance Agency has served its clients with professionalism, dedication and trust. This approach aligns perfectly with our culture at Univest," said Ronald R. Flaherty, president of Univest Insurance, LLC. "As Univest continues to grow in Central Pennsylvania, the acquisition of the Paul I. Sheaffer Insurance Agency allows us to better serve the insurance needs of businesses and individuals in the region. We are excited to welcome this experienced team of professionals committed to serving the local community to the Univest family."

The Paul I. Sheaffer Insurance Agency was founded by Paul I. Sheaffer in 1951. Under the guidance of Paul I. Sheaffer II, the agency has grown into a full-service firm representing more than 40 insurance companies and insuring thousands of businesses and families in Central Pennsylvania. Headquartered in Intercourse, Pennsylvania, all of the agency's employees will be retained and begin operating under the name Univest Insurance, LLC immediately. Sheaffer will serve as senior vice president and Central Pennsylvania regional manager.

"I am excited for this acquisition. Univest's culture is grounded in building relationships and serving the community -- the same principles that have guided our agency," said Sheaffer. "Being part of Univest Financial will bring new opportunities to our customers and team members and allow for continued growth."

This deal marks Univest's ninth insurance acquisition since the Corporation started expanding its financial solutions beyond traditional banking in 1999. Univest began its expansion in Central Pennsylvania when it entered the Lancaster market in 2016. Since that time, Univest has added regional offices in Lancaster, York and Mechanicsburg and five financial centers in Brownstown, Georgetown, Intercourse, Strasburg and Willow Street. Univest offers banking, insurance, investment, wealth management, trust, mortgage banking, and equipment financing solutions.