Guarantee Insurance Agency is based in the Springfield area and was founded in 1907. Before the acquisition, it had been operated by Jim and Gaylee Ross for over 25 years, offering personal, business and life coverage.
“Gaylee and I have known the Wallace & Turner team for many years as friends and colleagues, so when the opportunity arose to sell our agency, they were the immediate choice,” said Jim Ross.
Jim and Gaylee Ross plan to retire following the acquisition, according to a news release this week from Wallace & Turner.
“Acquiring Guarantee Insurance is a natural fit for us because we offer the same lines of coverage and represent the same carriers. This will ensure a seamless transition for Guarantee’s insureds,” said Patrick Field, President of Wallace & Turner. “We are honored that Jim and Gaylee have entrusted their clients to our care and we wish them all the best in their much deserved retirement.”
Field said that Guarantee had approached his agency first and that acquisition will expand some of their offerings. The number of people employed by Wallace & Turner will not change as a result of the acquisition.
Field did not disclose the costs of the acquisition.
Wallace & Tuner has an office in downtown Springfield as well as a location in Urbana, which opened in 2019. The agency has 18 full-time employees.
Wallace & Turner has operated in Springfield since 1870.
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