BINGHAMTON, NY – Columbian Financial Group says its pending acquisition will allow it to maintain its high quality service while growing its portfolio.
Columbian announced yesterday that it is converting from a mutual insurance company to a stock company with all shares acquired by Constellation Insurance Holdings.
Columbian President and CEO Michael Fosbury says Constellation’s 100 million dollar investment will strengthen its balance sheet and allow it to continue to invest in technology and automation.
The name will remain the same along with its offices in Vestal and Syracuse and Fosbury says there will be no change for employees.
“Constellation needs us to do what we do. They tracked us down because they know of us in the industry, they know of the customer service that we provide, and we’re known for this. They don’t want to change anything. They just want ot facilitate our ability to protect our policyholders and to grow the organization. That’s why it’s so exciting for everybody,” says Fosbury.
Fosbury says the deal allows Columbian to receive the investment capital without giving up control of the company.
He says the pandemic has had a major impact on the life insurance industry.
He says Columbian had 30 percent more claims last year than a typical year.