Administration and distribution services provider BISYS has expanded its insurance unit by acquiring First Northern Financial Resources, Inc., an insurance brokerage firm that distributes wholesale life insurance and annuities. Terms of the deal were not disclosed.
The deal is the fourteenth insurance-related acquisition that BISYS has made since 1996.
BISYS officials hope the deal will help the company expand its presence in the Minnesota area, where First Northern is located, specifically in Duluth and Minneapolis. In addition, the move expands BISYS network of independent agents and financial planners that use the companys products and support services.
First Northern, meanwhile, said the deal gives the firm access to BISYS sales and back-office technology, as well as access to an expanded range of products.