In 2002, John Burnham Insurance was purchased by Union Bank of California (NYSE: UB), with one key stipulation: that the 115-year-old company keep its name.
John Burnham Insurance (JBI), a full-service brokerage and consulting firm, began as an insurance, mortgage financing and real estate firm in 1891 and separated into two corporations 10 years ago: Burnham Real Estate and John Burnham Insurance.
JBI's goal, according to CEO Bradley Orr, is to negotiate the best deal for its clients, who range from Hazard Construction to the San Diego County Office of Education. "This is a service business. It is sales, but it's also service," he explains.
Orr believes the acquisition by Union Bank has brought significant benefits for the company and its clients, stressing now they have access to a larger network of agents and other resources of a large company, as well as more clout with carriers. The purchase has also created a mutual relationship between banking and insurance services, where clients and information are traded between the sectors.
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