RiskProNet Member Merges with Sutter Holding Company

FLF Inc. d/b/a Diversified Risk Insurance Brokers, a commercial property and casualty insurance broker based in Emeryville, Calif., announced it had signed a definitive agreement to merge with Sutter Holding Company Inc.

Diversified Risk Insurance Brokers is a founding member of RiskProNet International, a network of 28 leading independent insurance brokers across the United States and Canada.

The merger with Sutter will allow Diversified Risk to grow strategically with further acquisitions.

Will Knuff, Sutter’s co-chief executive officer, commented, “We are thrilled to have Diversified Risk partner with the Sutter family. With a strong corporate culture, revenue per employee that is substantially above the industry average, and outstanding employee tenure, we believe that Diversified Risk is a platform well-suited to building a leading insurance brokerage business. We look forward to their participation in Sutter as owner-managers and to helping them to grow their business meaningfully.”

Michael Flynn, Diversified Risk’s chief executive officer, stated “The people who make up Diversified Risk are proud of the fact that they have achieved a successful profit in each of the last 27 years. Our excitement about this merger is from our belief that life, including business, is lived through relationships. In merging with the people at Sutter, who have proven their track records in finance, we are sharing a vision for a correct moral compass. This is very invigorating for our future and a benefit to our customers as well as our insurance company relationships.”

Sutter is a diversified financial services holding company whose operations currently consist of Easton Mortgage Corporation and Progressive Lending, LLC. Sutter intends to continue to seek profitable acquisition candidates in the financial services sector.

Diversified Risk is one of the largest independently owned commercial insurance agencies in California. The company provides services to a broad range of clients in the transportation, construction, professional, technology, medical, municipal and property industry segments, and maintains long-standing relationships with a number of major insurance carriers. DR is owned by four partners, two of whom founded the business in 1977.
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Diversified Risk was assisted professionally in the merger by Tom MacDonald, consultant, of MacDonald Advisory Services and David Moiser, counsel, of Knox, McLaughlin, Gornall & Sennett, PC.

RiskProNet partners last year had combined revenues of $546 million, giving the organization significant market strength. Each partner is an equal owner in the association, which gives its members the geographic diversity and shared knowledge base to serve clients with national, international or highly specialized exposures to risk. Total written premiums in 2003 were more than $5.2 billion.

RiskProNet International is headquartered in Menlo Park, Calif. Additional information is available on the Internet at www.riskpronet.com or by calling Executive Director Gary Normington at (650) 323-1929.

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