George Petersen Insurance acquires NorthWest

Monday, August 30, 2010, 2:54 pm

By Dan Verel, Business Journal Staff Reporter

SANTA ROSA — George Petersen Insurance Agency today announced it acquired longtime competitor NorthWest Insurance Agency Inc., bringing together the North Bay’s second- and fifth-largest property and casualty insurance brokerages.

The acquisition, set to begin Sept. 1, includes six NorthWest Insurance operations in Santa Rosa, Napa, Ukiah, Gualala, Fort Bragg and Eureka, according to George Petersen President and Chief Executive Officer Charlie Bussman. Other terms of the acquisition were not disclosed.

“This is a joining of two agencies with very similar values, cultures and approaches to customer service,” Mr. Bussman said. “We’ve known and competed with Mike Sullivan and NorthWest for a long time, and we’re quite aware of the good name they’ve established over the years. Obviously, that figured into our desire and enthusiasm to take advantage of this opportunity to bring them together into the George Petersen family.”

NorthWest’s operations in Crescent City and Grants Pass, Ore., were not part of the acquisition and were sold to another agency.

Mr. Bussman and NorthWest Chairman Michael Sullivan told employees about the acquisition this morning, the companies said.

George Petersen, celebrating its 75th anniversary this year, currently has operations in Santa Rosa, Redding, Eureka, Auburn, Rancho Cordova and Bend, Ore.

Nearly all NorthWest employees will be absorbed into George Petersen and will remain in their current positions. Staff members in Santa Rosa and Eureka eventually will be consolidated into single, larger offices in each city.

On the Business Journal‘s July list of independent property and casualty insurance agencies, George Petersen ranked No. 2 with $118 million in North Bay premium volume and 42 employees, following list-topper Wells Fargo Insurance Services with $195 million and 92 workers, respectively. NorthWest was ranked No. 5 with $56 million in North Bay premiums underwritten and 76 employees.