Univest Corporation Expands Insurance Subsidiary Through Acquisition of Employee Benefits Agency, Javers Group
SOUDERTON, Pa, May 31,
2012 -- Univest Corporation of Pennsylvania (listed on
NASDAQ: UVSP) and its insurance subsidiary, Univest Insurance,
Inc., today announced the acquisition of Javers Group, a
full-service employee benefits agency that specializes in
comprehensive human resource management, payroll and administrative
services to businesses with 50 to 1,000 employees. The acquisition,
completed on May 31, 2012, expands Univest's insurance and employee
benefits business and further diversifies its solutions to include
human resource consulting services and technology.
"Growth of the Univest Insurance
business through acquisition is part of our long term strategy to
diversify our business, giving consumers and businesses in the
region convenient access to a complete range of financial solutions
from one company," said William S. Aichele, chairman, president and
CEO of Univest Corporation. "Javers' experienced team of
professionals strengthens Univest's ability to serve the insurance,
benefits, workers' compensation and human resources needs of
businesses and individuals."
Javers Group, founded in 1999 by
its president Chris Wichser, has consistently been honored for its
expertise in human resource management and significant growth
throughout the Mid-Atlantic region. In 2005 they became an Alliance
Partner of ADP, one of the world's largest providers of human
resource, payroll, tax and business administration outsourcing
solutions. In 2011, Javers ranked number one in the country for the
second consecutive year in ADP's Group Health Alliance program
based on business growth. It also was one of four companies honored
in Pennsylvania as a Gold Member by United Healthcare for being a
top performing benefits provider.
"Javers Group's outsourcing
services and technologies allow companies to reduce or eliminate
time spent on human resource responsibilities and cut
administrative costs," stated Ronald R. Flaherty, president of
Univest Insurance, Inc. "While the company primarily serves
businesses with more than 50 employees, they have a strong
reputation for delivering a unique blend of high quality human
resource programs and using innovative systems to design an
affordable solution for any size business." Javers is headquartered
in Berwyn, Pa., and also operates offices in New York, New Jersey
and Maryland. Univest will retain all company employees, relocating
staff from the Berwyn office to its current insurance office in
West Chester, Pa. Javers Group employees working from offices out
of state will continue to operate in their current locations.
Javers Group will immediately begin operating under the name
Univest Insurance, Inc.
The acquisition of Javers Group is
Univest's second acquisition of an employee benefits solutions
company in the last five years. In December 2008, Univest acquired
Liberty Benefits, Inc., a full service employee benefits brokerage
and consulting firm specializing in comprehensive employee benefits
packages for businesses with two to 500 employees.
About Univest Insurance,
Univest Insurance, Inc., headquartered in Lansdale, Pa. is an
independent insurance agency, providing property and casualty
insurance, employee benefits, and life, health and disability
insurance for individuals, businesses and nonprofit clients.
Univest Insurance also has offices in West Chester, Chester County
and Upper Marlboro Township, MD.
Headquartered in Souderton, Pa., Univest Corporation of
Pennsylvania (www.univest.net) and its subsidiaries serve the
financial needs of residents, businesses, and nonprofit
organizations in Bucks, Chester, Montgomery and Lehigh counties.
For more information on Univest Corporation of Pennsylvania and its
subsidiaries, please visit www.univest.net.
This press release of Univest
Corporation and the reports Univest Corporation files with the
Securities and Exchange Commission often contain "forward-looking
statements" relating to present or future trends or factors
affecting the banking industry and, specifically, the financial
operations, markets and products of Univest Corporation. These
forward-looking statements involve certain risks and uncertainties.
There are a number of important factors that could cause Univest
Corporation's future results to differ materially from historical
performance or projected performance. These factors include, but
are not limited to: (1) a significant increase in competitive
pressures among financial institutions; (2) changes in the interest
rate environment that may reduce net interest margins; (3) changes
in prepayment speeds, loan sale volumes, charge-offs and loan loss
provisions; (4) general economic conditions; (5) legislative or
regulatory changes that may adversely affect the businesses in
which Univest Corporation is engaged; (6) technological issues
which may adversely affect Univest Corporation's financial
operations or customers; (7) changes in the securities markets or
(8) risk factors mentioned in the reports and registration
statements Univest Corporation files with the Securities and
Exchange Commission. Univest Corporation undertakes no obligation
to revise these forward-looking statements or to reflect events or
circumstances after the date of this press release.