BANGOR, Maine — Cross Insurance has acquired a pair of New England insurance brokers to “broaden the firm’s service offerings and ongoing strategic expansion plans,” according to a news release from the agency.
The 59-year-old Bangor-based insurance provider and namesake for the city’s arena and convention center announced the acquisition of Willis of Northern New England Inc., and Stamford, Conn.-based The Insurance Exchange on Tuesday.
“We are truly excited to see our business roots merge with these two companies, which serve as homes to an extremely talented team of professionals,” Royce Cross, CEO of Cross Insurance, said in the announcement. “The rich histories of both Willis of Northern New England and The Insurance Exchange will be instrumental to our service offerings as we continue to expand our geographic reach.”
Willis of Northern New England serves a breadth of clients ranging from attorneys and not-for-profits to hospitals and contractors, according to the release. It has Maine offices in Bangor, Lewiston, New Gloucester and Portland. The four offices will be rebranded under the Cross Insurance flag, and Cross Insurance said it plans to “retain a substantial number of Willis Northern New England employees.”
The Insurance Exchange acquisition will spread Cross Insurance into the Connecticut market for the first time. The family-owned agency was founded in 1985 and provides casualty, personal and property insurance. The Insurance Exchange will retain its name.
Cross Insurance declined to reveal financial details of the acquisitions.
Ira Kantor, a Cross Insurance spokesman, declined to say how many people worked at the two agencies acquired or how many would hold onto their jobs, but did say that it will bring the total number of Cross Insurance employees to 600.
Cross Insurance runs 30 offices throughout New England which serve about 10,000 customers. It has grown to that scale, in part, by acquiring more than 100 other insurance agencies over the years.