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The pending merger of Greater Cincinnati insurance agencies O'Leary-Kientz Inc. and Central Assurance Agency keeps ownership, and creates one of the city's largest property and casualty agencies.
The move reflects a trend among insurance agencies that need to grow in order to become more efficient, said Thomas Chatham, president and chief executive officer of O'Leary-Kientz.
Insurance companies nationally have been cutting costs by passing more expenses down to the agencies that sell their products.
The parties finalized an agreement last week to merge effective Jan. 1, Chatham said.
The resulting agency, to operate as O'Leary-Kientz Inc., will have nearly $3 million in annual commission and fee revenues from its property and casualty business, Chatham said. That makes it the third largest locally owned agency in...