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Two Missoula-based insurance companies have merged to form one of the largest private insurance brokerages in the United States.

The merger of Payne Financial Group Inc., and Western States Insurance was announced Monday, but the company’s new name has not been released.

Terms are confidential and no changes were immediately announced for staffing of offices.

“This agreement instantly deepens the resources and service available to our clients while strengthening our position in the insurance marketplace,” said Payne Financial’s chief executive and president Brian Donahue.

The two companies employ 650 people at 40 offices in 30 cities in Montana, Idaho, Oregon and Washington State. The merger is expected to be completed by the end of 2012.

Projected revenues for both insurance companies this year are $90 million.

Hoiness LaBar was formed in Billings in 1921.

In January 2001, Hoiness LaBar, Montana International of Helena and portions of Terry Payne & Co. of Missoula merged to form Payne Financial.

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Business editor for the Billings Gazette.