First Niagara Risk Management, a national insurance company based in Buffalo, New York, completed its transition recently to its new role as a subsidiary of KeyBank.
The subsidiary is now called Key Insurance & Benefits Services Inc. (KIB). KIB operates in New York, Pennsylvania and Connecticut with more than 350 team members and seven offices. The company offers services to commercial clients, as well as individuals.
The acquisition, which was completed on July 29, created the 13th largest bank based in the United States.
KeyBank began in Albany, New York, but is today headquartered in Cleveland, Ohio. The company operates in 15 states and runs more than 1,200 branches.
“We’re excited to take the final step toward joining KeyBank as part of Key’s acquisition of First Niagara Financial Group,” KIB managing director and senior executive Kirk Jensen said.
“Kirk’s team is respected industry-wide for their client service, particularly their innovative work helping commercial clients identify, manage and mitigate risk,” said Terry Jenkins, who acts as Key Private Bank president and oversees KIB. “I’m very impressed with this team’s depth and breadth of experience. I am confident our clients will reap immediate benefits as KeyBank and KIB work together to provide solutions that make the most of clients’ business and personal opportunities.”