Community Financial System, Inc. invests in Leap Holdings, Inc.

By Greg Peters • Monday, September 08 15:50 • Permanent Link

Community Financial System, Inc. (NYSE: CBU) has announced a minority investment in Leap Holdings, Inc., a Delaware corporation, by acquiring approximately $37,350,000 in various classes of preferred and common stock. This move is in line with the company's commitment to scale as a diversified financial services company and will complement its existing insurance services business.

Leap Holdings, Inc.'s wholly owned subsidiary, Leap Insurance Agency, LLC, is a tech-first managing general agent ("MGA") providing insurance solutions for the rental housing sector. Its products enable housing operators to reduce risk, accelerate leasing, and expand accessibility across their portfolios. Leap's flagship offerings include Agile Rent Guaranty and Leap Deposit Replacement, both backed by an insurance company capacity rated A* (Excellent) by A.M. Best, provided via the Accelerant Risk Exchange. Since its launch in 2018, Leap has experienced rapid and sustained growth.

Community Financial System, Inc. is a diversified financial services company focused on banking services, employee benefit services, insurance services, and wealth management services. Its banking subsidiary, Community Bank, N.A., has over $16 billion in assets and operates approximately 200 customer facilities across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts. The company's Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services on a national scale. Its OneGroup NY, Inc. subsidiary is a top 68 U.S. insurance agency. The company also offers comprehensive financial planning, trust administration, and wealth management services through its Nottingham Financial Group operating unit. The company is listed on the New York Stock Exchange under the symbol CBU. The market has reacted to these announcements by moving the company's shares 0.35% to a price of $60.13. Check out the company's full 8-K submission here.

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