Jewelers Mutual Group has signed a definitive agreement to acquire Wexler Insurance Agency / IJB for an undisclosed sum.

The move will combine two players in the US jewellery insurance market and is expected to provide its clients with an expanded range of products and services.

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Jewelers Mutual president and CEO Scott Murphy said: “We are pleased to have Wexler and its proven team led by Gary Wasserman and Steve Wexler join Jewelers Mutual Group.

“Wexler has a strong track record of developing relationships with, and providing risk management solutions to, the jewellery industry and is an ideal complement to Jewelers Mutual.

“Combining Wexler’s unique products, services and carrier alliances with the investments in data and technology being made by Jewelers Mutual will create a competitive advantage that will expand our footprint and diversify our operational profile.”

Founded in 1968, Wexler Insurance Agency / IJB is a privately owned independent insurance agency. The company focuses on providing insurance to the jewellery businesses, but its portfolio also includes products covering personal and commercial property, personal and commercial liability, professional liability and workers compensation among others.

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Wexler vice-president Gary Wasserman said: “The combination of Wexler and Jewelers Mutual is a winning partnership that creates value for both companies, as well as the jewelry industry.

“We are excited to join a company that has a long-term mission to raise the tide of the jewellery industry.”