Insurance division acquires agency
The insurance division of a local credit union has acquired an agency to expand its client base on the lakeshore.
Lake Michigan Insurance Agency, or LMIA, a division of Lake Michigan Credit Union, or LMCU, acquired Muskegon Insurance Agency, or MIA, effective Sept. 6.
Terms of the deal were not disclosed.
Kenneth Jansen, LMIA president, described the acquisition as “a positive development” for both parties and said he appreciates what MIA brings to the table.
“Bringing insurance coverage to communities in which we already have a retail branch presence has always been a strategic goal,” Jansen said. “Muskegon Insurance Agency offers both business and personal lines of insurance in and around the lakeshore community.
“As a result of this acquisition, LMIA is now in a position to offer more insurance products to both new and current members going forward.”
MIA was founded in 1907 and has been run by Mark Schrier, president, since 1995.
“I’ve known Mark 20, maybe 25 years and run across him frequently, and who would have thought we’d end up buying the agency,” Jansen said. “It’s funny how life goes.”
Schrier will transition to the role of account executive for sales and service under LMIA. He said the agency will continue to operate as a separate brand for the next year, then MIA will assume the LMIA name.
MIA will continue to be located at 89 W. Apple Ave. in Muskegon post-transition.
All three full-time employees and one part-time employee at MIA will retain their positions as it transitions to LMIA ownership, and after the transition is complete, another employee may be added.
Founded in 1933, Lake Michigan Credit Union employs more than 1,000 people, with assets of more than $4.6 billion and a mortgage serviced portfolio of more than $6 billion.
The credit union provides checking accounts, mortgages, commercial loans, insurance and investment services.