Cross Insurance acquires Boston office to target higher education clients

Posted Jan. 14, 2013, at 4:22 p.m.
Last modified Jan. 14, 2013, at 5:51 p.m.

BANGOR, Maine — Cross Insurance on Monday announced it had acquired an insurance agency in Boston that focuses on serving clients in the higher education sector.

Cross acquired an insurance agency called Academic Risk Resources in the fall, but waited to make an announcement until they hired an experienced person to run the office, Brent Cross, the company’s executive vice president, told the Bangor Daily News.

The new Cross Insurance Boston office, which will be the hub of Cross’ higher education division, employs a dozen specialists that will offer insurance-based risk management services and consulting in the areas of property and casualty, employee benefits, claims, loss control and safety insurance to colleges and universities nationwide, according to a media release from the company.

Cross said the company did have some clients in the higher education sector in New England before the acquisition, but that this acquisition greatly expands its presence in the national market. Cross said schools don’t allow Cross to use their names, but he said many are big-name schools with student enrollment up to 40,000.

“A lot of doors are opening up for us,” Cross said.

In a statement, Royce Cross, the company’s CEO, said the “strategic expansion in the Boston market” will allow the company to serve “higher education clients in a broader and more strategic way.”

Cross has hired insurance industry veteran Beverly Costello to manage Cross Insurance Boston. Before joining Cross, Costello was the national

placement leader for Marsh USA Education Industry Practice, according to a media release from Cross.

The company said its expansion into Boston continues its growth plans. The company has acquired more than 90 insurance agencies since its founding in Bangor more than 50 years ago, according to the release. It currently has more than 30 offices throughout New England.

With the Boston office, Cross Insurance now owns and operates three offices in Massachusetts, including Cross Insurance in Peabody and TGA Cross in Wakefield, which it acquired in March 2011 and expanded that July.

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