St. Pete insurance firm buys Sarasota agency

SARASOTA — St. Petersburg-based insurance firm Wallace Welch & Willingham has acquired Al Malins Insurance, an independent Sarasota agency.

Financial terms of the deal weren't disclosed. But Al Malins Insurance, also known as Able Auto Insurance, will remain a separate entity with its current staff of around 10 employees, according to a release. The firm was founded in 1984 and specializes in personal and business insurance. It has 5,000 clients.

Al Malins Insurance founder Al Malin sought to retire, which led to the formation of the deal. Wallace Welch & Willingham executives, meanwhile, say the acquisition, which closed Dec. 16, continues the firms' growth trajectory. The companies, according to the release, will be run separately because of the differences in marketing and customer base.