Bangor-based Cross Insurance has acquired a full-service insurance agency in Rhode Island, expanding its reach in southern Rhode Island and southeastern Connecticut.
The independent insurance company announced Tuesday that it bought Schonning Insurance of Westerly, R.I., for an undisclosed price. Other terms of the deal are not being disclosed.
Schonning Insurance will retain its six employees, including President Stephen Schonning, but the agency will eventually transition and operate under Cross Insurance’s brand.
“We are happy to welcome Schonning Insurance, a renowned family-owned agency, into the Cross Insurance family of agencies,” Royce Cross, CEO of Cross Insurance, said in a prepared statement. “With this acquisition, we greatly enhance our service offerings throughout the states of Rhode Island and Connecticut.”
The latest acquisition adds to Cross’s growing network of offices. Since it was founded in 1954, the insurance provider has acquired more than 100 agencies in New England and now employs 700 people across the region and in Florida.
Read more
Cross Insurance CEO Royce Cross builds on his father’s legacy
