The agreement, which is effective immediately, marks the fifth acquisition this year for Cross Insurance, a Bangor, Maine-based family-owned insurance agency, following the broker’s recent acquisitions of Troy, Pires & Allen Insurance of East Providence, R.I., The Driscoll Agency of Norwell, Mass., The Insurance Exchange of Stamford, Conn., and Willis of Northern New England.
Merchant, Needham & Associates will operate as a member of Cross Insurance but will retain both its name
and nine-member workforce. According to Merchant-Needham owner Randy Merchant, AAI, CIC, CPCU, a majority of the company’s employees have several years of exemplary service to the insurance industry and recognize significant opportunities for both current and new customers through the organization’s new relationship with Cross Insurance.
“The decision to join Cross Insurance was an easy one. Cross is a family-oriented business, committed to providing the highest quality customer service to all its clientele, the same qualities shared by all members of the Merchant-Needham family,” Merchant said. “This partnership with Cross Insurance will allow us to offer products and services to our clientele never before available to us.”
Originally founded in the late 1890s as Knowles Company, Merchant, Needham & Associates offers comprehensive commercial, home, auto, motorcycle, marine, and recreational vehicle insurance coverage to the downeast community.
“Merchant-Needham is known for its solid representation throughout Northeast Harbor and the greater Mount Desert Island community,” said Royce Cross, CEO of Cross Insurance. “Randy has successfully run this office for many years with great accounts on and off the island and we are pleased to unite this strong competitive force in the Maine insurance marketplace with our company base here at Cross Insurance.”
Additional details of the acquisition are not being disclosed.
Since its founding in 1954, Cross Insurance has grown extensively through the acquisition of more than 100 insurance agencies throughout New England.
About Cross Insurance
Founded in 1954, Cross Insurance has grown from a small, family-owned and operated insurance agency based in Bangor, Maine, into one of the largest insurance providers in New England with more than 650 employees in more than 35 offices, serving 100,000 customers throughout the region. Still family-owned and operated, Cross Insurance, a subsidiary of Cross Financial Corporation, provides an extensive range of customized and innovative insurance and financial products including personal and commercial insurance lines, employee benefits, surety bonds, comprehensive risk management advice and counsel, and specialized products focused on higher education and high net worth needs. For more information about Cross Insurance, please visit www.crossagency.com.
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