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PayneWest Insurance, Inc., the largest independent, employee-owned, insurance agency in the Northwest, announced today they have executed a letter of intent with the owners of Stieg & Associates Insurance and their operating companies to purchase their entire operations in Billings, Great Falls and Missoula, Montana as well as Yakima, Washington. Terms of the transaction, which is expected to close on or about July 31, 2017, were not disclosed.
Stieg & Associates Insurance is an independent agency focused on the transportation industry. Stieg was started by Walt Stieg in 1981 in Baker, MT. Since its inception, Stieg & Associates has built its business by providing insurance-based solutions with the transportation industry. In 1995 Stieg & Associates formed Continental Owner Operators, Ltd. (COOL) and Continental Owner Operator Insurance Services (COOIS) to further develop a specialty insurance program for independently leased owner operators.
“We’ve admired our friends at Stieg for many years, in hopes that one day we could partner together. Today it’s actually happening,” says PayneWest CEO, Kyle Lingscheit. “Stieg’s colleagues are extremely respected for their high-level of service and knowledge in the transportation industry. We’re absolutely thrilled to bring this experience and specialty practice to PayneWest, but even more excited to work with such like-minded colleagues on a daily basis.”
“Our company has always had a focus on bringing quality people, resources, and insurance solutions to the transportation industry,” said Ryan Stieg, CEO of Stieg & Associates Insurance. “In looking to maintain that focus, and to bring more insurance options to our clients, we knew that PayneWest shared the same values and dedication to a high level of service to our clients and communities. The fit seemed natural, and we look forward to being stronger together,” Stieg said.
PayneWest Insurance will continue to operate the new division using the Stieg name: Stieg Insurance, A Division of PayneWest. Twenty-one colleagues in Billings, five in Missoula, five in Great Falls and three in Yakima will continue employment with PayneWest Insurance.