LAKE FOREST, Ill., Nov. 1 /PRNewswire-FirstCall/ — Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced the completion of its previously announced acquisition of 100% of the ownership interest of Broadway Premium Funding Corporation (“Broadway”) from Sumitomo Corporation of America. Since 1999, Broadway has been providing financing for commercial property and casualty insurance premiums, mainly through insurance agents and brokers in the northeastern portion of the United States and California.
“This transaction is a great opportunity for both companies,” stated Edward J. Wehmer, President and CEO of Wintrust. “The transaction will help fulfill Wintrust’s plans to continue expansion in the premium finance business. Broadway serves a sector of the premium finance industry that is complementary to markets we currently serve through our First Insurance Funding Corporation subsidiary. Broadway has a terrific operating culture, solid growth and profit potential, and a dedicated management team.”
“We are excited about combining resources with Wintrust,” said Louis Caruso, Broadway’s Vice Chairman and President. “We anticipate our business continuing to thrive as a result of our established client relationships and the highly personalized approach we use to develop and serve our customer base. This is a great opportunity to partner with a successful organization that is similarly-minded in their philosophy of offering highly personalized, customer-oriented premium finance services. Wintrust’s financial capabilities will accelerate our expansion.”