Cross Insurance makes fifth acquisition this year
Cross Insurance of Bangor has acquired a Northeast Harbor-based insurance agency, making it the company’s fifth acquisition this year.
Cross said Monday it is taking on Merchant, Needham & Associates Insurance, which serves customers in Hancock, Washington, Penobscot and Knox counties. The deal’s financial details were not disclosed.
In becoming part of Cross Insurance, Merchant, Needham & Associates will retain its name and nine-member staff. The firm was founded in the late 1890s.
“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,” Randy Merchant, the company’s owner, said in a prepared statement. “This partnership with Cross Insurance will allow us to offer products and services to our clientele never before available to us.”
Earlier this year, Cross Insurance acquired 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. Since its founding in 1954, Cross has acquired more than 100 companies throughout New England.
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