Pearl News
Pearl and Carroll Partner for Acquisition
Thursday, May 05, 2005 at 9:42:00 AM
The Pearl Companies of Peoria Heights, Illinois and Carroll Holdings, Inc. of Delmar, New York announce the formation of a new company, Pearl Carroll & Associates LLC. The company is being formed to acquire and manage insurance agencies in the eastern United States that specialize in the marketing and administration of insurance programs for membership organizations. Simultaneously, these companies announce that they have acquired the assets of certain business units of JLT Services Corporation, effective May 1, 2005. The assets acquired include long-term client relationships, an annual premium base of over $65 million, with over ninety employees to be located in Albany, New York, and the information technology and office equipment to support the business. W. Michael Carroll will serve as President and CEO of the newly formed Pearl Carroll & Associates. Mr. Carroll, who formerly served as Chairman of JLT Services, commented, "Pearl Carroll & Associates will be a highly client-focused organization. We will offer specialized and trusted insurance advice to membership organizations and leverage the substantial technology capabilities of the Pearl Companies for the efficient administration and effective marketing of our client's programs." Simon Curtis, President and CEO of JLT Services, commented, "I am delighted that this deal has been done. It benefits the clients by securing long term local ownership, while allowing JLT to focus on its core areas of business in the USA." Gary P. Pearl, President and CEO of the Pearl Companies and Chairman of the new company, remarked, "This is an affirmation of our continued commitment to grow the Pearl Companies business throughout the United States and to specifically expand our insurance division. We are excited to partner with a proven team of professionals and look forward to expanding our reach in New York and throughout the United States." The Pearl Companies consist of Pearl Insurance, Pearl Benefits, Pearl Technology and Pearl Automotive. The organization was founded in 1954 by John P. Pearl, who continues to serve as Chairman of the Pearl Companies.
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