Jewelers Mutual Group has bought Union Life & Casualty Insurance Agency (UL&C), allowing it to expand its services into the pawnbroker market. 

“This strategic acquisition empowers us to leverage our combined expertise and expand our suite of innovative insurance solutions to further strengthen our market position in the pawn industry,” Mike Alexander, chief operating officer at Jewelers Mutual, said last week. “Together, we will accelerate our growth and continue to deliver incredible value to our customers.”   

The new acquisition will provide more choice and greater flexibility to a wider range of customers and reach more markets, Jewelers Mutual said. It will also enable the insurance provider to offer more personalized options. 

“I believe this acquisition will allow us to create a more powerful force in the pawn industry, ultimately leading to even better products and experiences for our current and future customers,” said Jon Walker, CEO at UL&C. 

Image: A man inspecting jewelry with a loupe. (Shutterstock)