Insurance division acquires agency
The insurance division of a local credit union has acquired an agency in the area.
Lake Michigan Insurance Agency, or LMIA, an arm of Grand Rapids-based Lake Michigan Credit Union, or LMCU, has acquired Katt Insurance Agency of Belmont, just north of Grand Rapids.
Financial terms of the deal were not disclosed.
LMIA President of Insurance Kenneth Jansen said the credit union has been actively seeking acquisition opportunities to expand its coverage in the state.
“Katt Insurance has distinguished itself as a solid community asset that will mesh smoothly with LMIA’s service-first approach,” Jansen said. “We’re happy to welcome Katt Insurance to the LMCU family.”
The Belmont office, at 6231 W. River Dr., became a branch of LMIA on Jan. 1 and for the time being, will be co-branded as Katt - Lake Michigan Insurance Agency.
With the acquisition, Katt Insurance Agency Founder Claude Katt will retire, and his son, Greg Katt, will manage the Belmont office as president.
“Our existing staff members will continue to serve our customers as part of this new transition, and we are all very excited about becoming an office of LMIA,” Greg Katt said. “This merger will enable us to offer our clients a more dynamic portfolio in all lines of insurance products, services and resources.”
Founded in 1989, Katt Insurance Agency was an independent agency that provided a full line of personal and commercial insurance products.
Katt specialized in risk management for campgrounds, RV parks and outdoor recreational activities.
The largest credit union in Michigan, LMCU was founded in 1933 and has more than 1,000 employees.
LMCU has assets exceeding $4.6 billion and a mortgage serviced portfolio of more than $6 billion.
The credit union has more than 362,000 active members and 39 branch locations.