Business report

Patriot Growth Insurance Services buys Delaware company

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Fort Washington-based Patriot Growth Insurance Services, an insurance services company that partners with employee benefits and property and casualty insurance agencies, recently purchased the BMT Insurance Advisors (BMTIA) business from WSFS Financial Corp. ., based in Delaware.

BMTIA is an independent insurance brokerage and risk management consulting firm that develops customized insurance solutions for individuals and businesses.

The agreement, which was reached on June 30, includes an offer to continue to employ all BMTIA associates.

“I’m thrilled to have BMTIA join the Patriot family because not only are they on an accelerated organic growth path, but they also have an incredibly talented team,” said Patriot Founder and CEO Matt Gardner. “As a lifelong Philadelphian, I was already familiar with BMTIA and I’m thrilled that they now have all of Patriot’s nationwide resources to provide to their customers. I know it will be a great partnership.

Patriot employs 1,450 people at 120 locations in 22 states. Founded in 2019, Patriot’s business model provides resources and strategic support to its agencies. GI Partners and Summit Partners support the company.

WSFS Financial has $21 billion in assets and $58.1 billion in assets under management and administration. Its main subsidiary is WSFS Bank, founded in 1832. WSFS operates 122 offices, 94 of which are banking offices, in five states.