BUSINESS: First Niagara Risk Management among top 100 in Business Insurance rankings

Local News

September 8, 2008

Staff Reports The Lockport Union-Sun %26 Journal Mon Sep 08, 2008, 01:29 PM EDT

First Niagara Risk Management Inc., the insurance subsidiary of First Niagara Financial Group Inc., has moved into 58th place among the 100 largest agencies and brokerages in the U.S., according to the most recent rankings from Business Insurance Magazine.

Up a spot from last year, First Niagara’s move was based on a 5.5 percent increase in revenues $44.1 million to $46.2 million from 2006 to 2007. A statement from First Niagara said the growth was built on a 58.8 percent revenue increase registered from 2005 to 2006 that was the result of a mix of strategic acquisitions and increased business relationships.

Picked for the list for the third straight year, First Niagara’s selection is part of the 37th annual rankings of agencies and brokerages by Business Insurance. Business Insurance is a weekly publication for business executives who are responsible for the purchase and administration of corporate insurance and self insurance programs.

“Agents and brokers of all sizes are facing challenging market conditions. First Niagara Risk Management's rise in Business Insurance’s annual ranking of the 100 largest brokers of U.S. business reflects First Niagara's ability to continue growing. Agencies and brokerages that concentrate their efforts on serving their customers inevitably are the most successful at achieving sustainable growth, as First Niagara is doing,” said Regis Coccia, editor of Business Insurance.

Published since 1967, Business Insurance reaches a large audience of corporate decision-makers through weekly print and digital editions as well as through daily news and information online at www.BusinessInsurance.com.

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