Press Releases

For Immediate Release

Bollinger Acquires Spalding Associates
Bollinger Continues Its Expansion into Princeton Area

SHORT HILLS, N.J.; Jan. 4, 2000. Bollinger, Inc., one of New Jersey’s largest insurance agencies, announced the acquisition of Spalding Associates, an insurance agency specializing in employee benefits, life insurance and group insurance, located in Princeton, NJ. The acquisition is effective as of January 1^st. The terms of the transaction were not released.

With the Spalding acquisition, Bollinger’s commission revenues will exceed $34.5 million, making Bollinger the 30^th largest insurance agency in the country and the 15^th largest privately held agency. The origin of Bollinger dates back to 1876 and the firm is well known for its specialty insurance products for amateur athletes, students in both K-12 and college grades, and golf and country clubs.

Barbara M. Spalding, President of Spalding Associates, Inc., has been named Senior Vice President of Bollinger, Inc., and she will continue in her capacity as manager of the Princeton office. Spalding Associates, which provides group insurance, pensions and employee benefits products and services to over 100 corporate clients as well as life insurance products to individuals, will operate as a separate profit center and division of Bollinger.

John A. Windolf, CLU, CPCU, Chairman and CEO of Bollinger commented, "We are extremely pleased to have reputable professionals like Barbara Spalding and her staff join the Bollinger team. We look forward to continuing to service Spalding’s customers in the Princeton area and to build upon those excellent, long standing relationships."

Indicative of the consolidation trend now occurring in the insurance agency industry, this is the 11^th acquisition by Bollinger in recent years. These acquisitions have enabled Bollinger to become one of the country’s largest agencies and to transform itself from a specialty insurance operation to a firm offering a wide variety of insurance products and services to a diverse customer base.

Please visit our new website for the most current content.