Union Bank merges insurance units

Union Bank of California N.A. is consolidating its insurance operation under the brand UnionBanc Insurance Services Inc., the company announced Thursday. It says the newly integrated company is now one of the 30 largest insurance agencies in the United States.

Union Bank entered the insurance brokerage business in 2001 with the acquisition of Orange County-based Armstrong Robitaille Business and Insurance Services. The additions of 115-year-old John Burnham Insurance Services in 2002 and Pleasanton-based Tanner Insurance Brokers in 2003 expanded the company's footprint in San Diego and Northern California. In late 2003, Los Angeles County-based Knight Insurance Agency joined the company.

The business currently has insurance offices in Sacramento, San Diego, Irvine, Fullerton, Glendale, Pleasanton, San Rafael, Stockton and Portland, Ore.

Annual revenue exceeds $80 million and the company employs 415 insurance professionals. UnionBanc Insurance Services will co-brand with the acquired entity brands of Armstrong/Robitaille, John Burnham and Tanner Insurance for the foreseeable future.

UnionBanc Insurance Services said in a press release tht it plans to aggressively grow its client base with an initial focus on expanding in California and Oregon. Although commercial insurance continues to be the group's primary area of business, UnionBanc Insurance Services will increase its focus on individuals, including clients of Union Bank.

Based in San Francisco, UnionBanCal Corp. (NYSE:UB) is a bank holding company with assets of $49.4 billion as of Dec. 31. Its primary subsidiary, Union Bank of California N.A., has 319 banking offices in California, Oregon and Washington, and 20 international facilities.

It is the fifth-largest non-local bank in Sacramento with assets of more than $642 million and a 2.6 percent market share.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.