Skyla Insurance Services, LLC, a subsidiary of the Charlotte, N.C.-based Skyla Credit Union ($1.5 billion in assets, 103,069 members), said Tuesday it acquired the Cornelius, N.C.-based Policyline Insurance last month.
Monetary details of the transaction were not disclosed.
According to Skyla Insurance Services officials, the strategic acquisition will enhance Skyla’s product portfolio and allow the organization to deepen “its commitment to delivering comprehensive insurance solutions to Skyla Credit Union’s corporate accounts and sponsor companies.”
Geoff Ricks, owner of Policyline Insurance, has been appointed President of Skyla Insurance Services, effective immediately.
“I am excited to join Skyla Insurance Services and contribute to the continued growth and success of our organization,” Ricks said. “Policyline Insurance has always been committed to providing top-tier service and customized insurance solutions, and now, as part of Skyla Insurance Services, we are able to offer even more value to our clients. This acquisition allows us to broaden our reach and serve the needs of Skyla Credit Union’s members, corporate accounts and sponsor companies with enhanced offerings that align with their unique needs.”
As part of the acquisition, Policyline’s employees will join Skyla.
Skyla Financial Solutions was assisted in the transaction by Capstone Strategic, Inc. Skyla Financial Solutions President Ray Crouse said, "We are thrilled to welcome Policyline to the Skyla Insurance Services family. This acquisition marks a significant step in our ongoing efforts to expand the services we provide to our members and corporate partners. By integrating Policyline’s expertise and resources, we are better positioned to offer comprehensive insurance solutions that meet the diverse needs of our clients, all while enhancing the value we deliver to Skyla Credit Union’s members."
According to insurance experts, 2025 might be a record-breaking year for insurance acquisitions. In a report published by investment banking and consulting firm OPTIS Partners in Chicago, there were 750 announced insurance agency mergers in 2024, down from 833 in 2023. Officials expect to see a surge in investments and potentially acquisitions happening with insurtechs in 2025.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
