BANGOR, Maine — Cross Insurance, a subsidiary of Cross Financial Corp., and one of the largest independent insurance providers in New England, announced Wednesday it has acquired an independent insurance agency based in Norwell, Mass., specializing in professional risk management services and surety bonding.
The Maine-based firm’s acquisition of The Driscoll Agency, Inc., will provide additional sales and marketing capabilities to customers serviced from the latter agency’s Norwell office, according to a press release issued by a spokesman for Cross Insurance. The Driscoll Agency will operate as a subsidiary of Cross Financial, retaining its name and product line.
Terms of the deal were not disclosed.
Jay Driscoll will continue as president of The Driscoll Agency, and all personnel affiliated with the agency will be retained by Cross Insurance, according to the announcement.
“We are proud to partner with Cross Financial, another successful regional insurance agency that shares our core values, insurance professionalism, and most importantly, independent agent access to the marketplace,” said Jay Driscoll.
The Driscoll Agency has specialized in property and casualty insurance and also served the construction industry for more than five decades. Its training and expertise helps businesses in the construction arena manage risk with insurance and surety products. The Driscoll Agency represents more than 100 major contractors throughout New England, according to the release.
“The acquisition of The Driscoll Agency is integral to the future growth of Cross Financial Corp., particularly in terms of our surety bond offerings,” said Royce Cross, CEO of Cross Insurance. “Working under the Cross banner, The Driscoll Agency customers will continue to receive the same level of individual attention and personalized service offerings that have made this agency an established familial staple in the insurance marketplace for more than 50 years.”
The acquisition is the third by Cross in 2014, following the agency’s purchase of Willis of Northern New England and the Insurance Exchange of Stamford, Conn., last month.