Joyce, Jackman and Bell offer to buy Murray Insurance Agency

Joyce, Jackman & Bell is working with the court to acquire the agency that is embroiled in a state investigation and civil lawsuits.

"We want the company because it would be new business for us," said Andrew Bell, president of Joyce, Jackman & Bell. "We have a diverse practice and are able to service those accounts."

Murray Insurance, once a venerable firm, has found itself the focus of a Maelstrom of investigations, beginning with penalties from the state Department of Insurance which ultimately banned firm owner Brian J. Murray from the business and forced the sale of the firm. That investigation was prompted by an embezzlement of nearly $500,000 of premiums by Murray Insurance former President Christine Oliver-Shean, who admitted to the theft. Murray clients who had their premiums pocketed by Ms. Oliver-Shean learned they were not insured and were being provided with forged declaration sheets.

Lackawanna County District Attorney Andy Jarbola said he would investigate to see whether a crime had been committed.

The state attorney general's office raided the firm's offices and the home of Ms. Oliver-Shean two weeks ago as part of an ongoing investigation into possible insurance fraud. Last month, Mr. Murray filed Chapter 7 bankruptcy protection for himself and separately for his insurance business.
Mr. Bell said his firm has made an offer for a percentage of the value of the firm that has been accepted by bankruptcy trustee Mark Conway. The deal is waiting for a signature from the U.S. Bankruptcy Court for the Middle District of Pennsylvania. The final purchase price will be based on the value of the firm once that is determined by reviewing Murray insurance files.

"The book of the business is still somewhat intact," Mr. Bell said. "What were buying is basically files and customer lists."

The closing is scheduled for Oct. 23. The firm will create a new entity, Joyce, Haggerty and Bell Insurance Group LLC, to handle the Murray assets from Joyce's offices at 700 E. Market St., Scranton. James J. Haggerty Jr., a principal at the firm, is a member of the family that owns Times-Shamrock Newspapers, parent company of The Times-Tribune and its sister paper in Wilkes-Barre, The Citizens' Voice.

Joyce, Jackman & Bell has five locations and 60 employees, tracing its roots to a firm founded in 1955.