MIAMI-Hallandale Beach-based Riemer Insurance Group Inc. has acquired locally based Empire Insurance. The acquisition is part of a broader corporate strategy to expand the company and develop a presence in Miami-Dade County.
Empire is an independent agency with annual sales of $3 million. Riemer currently has offices in Hallandale Beach and an affiliate in Atlanta under the name Aspen Insurance Agency, but is in the process of making additional acquisitions in Marco Island, Melbourne and Jacksonville. Some of Reimer's product offerings include coverage for real estate, developers, builder's risk, nursing homes and hotels.
Riemer Insurance Group founder and president Stephen L. Reimer tells GlobeSt.com that the company is on target to do $100 million in sales for 2007, a figure that he hopes to double over the next five years. “You can't grow a company organically as fast as you can by acquiring companies,” he says.
With the Empire acquisition, Riemer will have 60 employees, a number that will jump to 75 with the anticipated acquisitions in 2008. “Acquisitions give you more strength in the marketplace to negotiate,” Riemer says.
Riemer recently began offering “green-card” coverage through Fireman's Fund Insurance Co. Green-card is property insurance for owners of commercial buildings who have green-certified property, are in the process of making green improvements, or wish to upgrade to green in the event of a loss. “This is an endorsement that can be added to a policy,” Riemer says. “If a building is being built as a green building and it has a loss, then this enables the client to bring it back as a green building.”
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