California StoneGate and Heffernan Insurance Brokers to Merge

On Jan. 15, 2004, Tom Hebson, vice president and CFO of California StoneGate Insurance Services and F. Mike Heffernan, president of Heffernan Insurance Brokers, signed a letter of intent for a proposed merger between the two entities. As a result, Hebson and Heffernan announced they have reached an agreement for a proposed merger whereby California StoneGate would become a division of Tangram Program Managers, a member of the Heffernan Group.

“The merger of these two entities will forge a stronger company, with the ability to better leverage synergies in marketplace, products and services; with the ultimate intent to become a major player in the United States,” said Heffernan.

“We at StoneGate are looking forward to merging with the Heffernan Group, and feel that this partnership is a natural extension to our strategic vision by providing access to new and existing resources that will benefit our clients,” said Hebson.

John Shea, president of Tangram Program Managers said, “Tangram is looking forward to this merger and working with Tom Hebson and his professional associates. The combined company will offer even more services and solutions to our clients in the program and alternative risk marketplace.”

The merger should be completed within the next six months.