Cross Insurance acquires fourth, fifth New England insurance companies of 2014

Representing three generations of the Cross family at the Cross Insurance Co. in Bangor are (from left) Royce Cross, Jonathan Cross, Woodrow Cross, Brent Cross, and Woodrow Cross II in this August 2013 file photo.
Brian Swartz
Representing three generations of the Cross family at the Cross Insurance Co. in Bangor are (from left) Royce Cross, Jonathan Cross, Woodrow Cross, Brent Cross, and Woodrow Cross II in this August 2013 file photo.
Posted April 09, 2014, at 1:13 p.m.

BANGOR, Maine — Cross Insurance continues to grow, scooping up a pair of Rhode Island-based insurance agencies on Wednesday. This makes five companies purchased by Cross so far this year.

Cross acquired Troy, Pires & Allen Insurance, a 78-year-old agency based in East Providence, R.I., the insurance broker announced in a news release. The acquisition also brought Shove Insurance Inc., a 155-year-old Rhode Island agency affiliated with Troy, Pires & Allen, under the Cross umbrella.

The agreement is already in effect, according to Cross Insurance. Troy, Pires & Allen will operate under the Cross Insurance name, and Gregory Troy, a partner with Troy, Pires & Allen, will serve as president of the merged agency.

“Cross Insurance provides the utmost professional and knowledgeable service in all major insurance disciplines, and we know our customers in Rhode Island and other parts of the Northeast will benefit strongly from this new partnership,” Troy said in the release.

Cross Insurance declined to disclose further details of the acquisition, including the price tag. Since its founding in 1954, Cross has acquired more than 100 agencies across New England.

Earlier this year, Cross Insurance worked out deals to acquire WIllis of Northern New England, Stamford, Conn.-based The Insurance Exchange and The Driscoll Agency of Norwell, Mass.

“We see the acquisition of Troy, Pires & Allen Insurance as vital to our expansion in Rhode Island as we plan for the future growth of Cross Financial Corp.,” Cross CEO Royce Cross said.

 

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