Consolidation has hit the jewelry insurance sector.
Jewelers Mutual Group has signed an agreement to acquire Wexler Insurance Agency/IJB, one of the world’s largest jewelry insurance groups.
Terms were not disclosed.
Wexler/IJB is based in Coral Gables, Fla. It had previously billed itself as one of the world’s largest privately owned independent insurance agencies.
The agency was founded in Miami in 1968. IJB is also known as International Jewelers Block & Fine Arts Insurance Services.
A Jewelers Mutual release said the company was happy to welcome the Wexler team, including president Steve Wexler and vice president Gary Wasserman.
“This brings together two of the most recognized names in the jewelry insurance business,” said Scott Murphy, president and CEO of Neenah, Wisc.–based Jewelers Mutual, in a promotional video. “Our goal is to leverage and build off the strengths of each company.”
A release said that Jewelers Mutual and Wexler agents will now be able to provide a “more diverse set of risk management products and services” to the industry.”
Jewelers Mutual recently introduced Zing, a new digital platform of products and services meant to help jewelers with diamond sales, jewelry appraisals, and insurance claims.
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