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FernRock Risk Partners Founded by Local Businessman and Industry Veteran; Announces First Acquisition
BEAVER, PA, March 5, 2024—Beaver-area businessman Bryan Wright, CEO of the Wright family of businesses, announces the formation of a new insurance business, FernRock Risk Partners, which also closed on its first acquisition today of the Jack L. Bonus Insurance Agency located in Zelienople.
FernRock was co-founded by Wright and long-time insurance industry veteran Marty Muchnok, who most recently was President of First National Insurance Agency.
According to Wright, “FernRock operates as a holding company, and will continue to acquire and add new independent insurance agencies under our umbrella. Making the Bonus agency our first acquisition made perfect sense because we have been a customer of theirs for over 30 years and know it’s a great fit with the way they do business.”
Agencies being acquired will keep their people, branding and continue to do business in their local areas but will be known as a FernRock company. Agency principles can also retain a percentage of ownership.
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Muchnok said, “We are focusing on partnering with independent agencies that have 20 or fewer employees in Pennsylvania, Ohio and Maryland. We also expect to expand into the entire eastern half of the United States. Our goal is to add a network of growth-oriented partner insurance agencies with great culture and expertise that will provide real value for customers.”
Muchnok added, “The first 15 or so agencies we acquire will become founding members of FernRock and have a lot of input in future growth and operational plans. We invite any insurance agency owners interested in partnering to contact us to start a conversation.”
Partner insurance agencies will provide expertise and access to customers in their geographic locations. FernRock will provide leadership, guidance and a variety of core services including accounting/finance, IT, HR, risk management and claims oversight.
Muchnok concluded, “It’s really a win-win for everyone involved, and we have big plans for FernRock through acquisitions and organic growth.
For additional information, please contact Jeff Krakoff at 412-709-4199 or jeffk@krakoffcomm.com
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