BANKING/FINANCE

Associated Agencies, a national insurance firm based in Chicago, recently bought its second county firm and consolidated its operations in Santa Ana Heights.

Associated--the nation’s 40th-largest insurance underwriter, based on gross commissions--bought Pinnacle Insurance Services, formerly in Orange, earlier this year and merged its operation into the former Milum & Associates insurance firm it bought last year.

The company now has 25 employees at its new regional office--which is headed by James E. Drews, Associated’s executive vice president--and 125 at its headquarters.

Associated is negotiating to acquire more insurance firms in Southern California, said Ricky Freeman, a senior vice president. It is also planning to open offices in Florida and in Philadelphia.

Last year, the firm’s gross commissions totaled $14 million on $150 million in premiums for its property, casualty, life and health insurance policies.