Kennebunk Savings' insurance division acquires Buxton agency
An insurance subsidiary of Kennebunk Savings Bank has acquired Kimberly M. Elwell Insurance LLC, an agency in Buxton.
Terms of the purchase by Kennebunk Savings Insurance were not disclosed in a news release announcing the deal, which closed Aug. 1.
Kennebunk Savings Insurance will maintain a Buxton office, which will be joined by Elwell Insurance's president, Kimberly Elwell, and her employees, according to the release.
Elwell started the agency in 2000, according to state records, and it is based at 71 Boynton Road.
“The Elwell Agency and Kennebunk Savings Insurance share a common mission of providing clients with a comprehensive set of coverage options delivered by an experienced, knowledgeable and responsive staff of insurance professionals," said Danny Edgecomb, president of Kennebunk Savings Insurance.
Kennebunk Savings Insurance was founded in 1974 and is a full-service property and casualty agency for personal and commercial customers in southern Maine and seacoast New Hampshire.
The insurer’s parent company, Kennebunk Savings, operates 12 branches in York County and five in New Hampshire. The bank had 2018 assets of $1.22 billion and made $10.5 million in profit, partly attributed to strong performance by the insurance subsidiary, according to the Kennebunk Savings annual report.
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