Portland-based United Insurance acquires Caribou firm, a 'respected competitor'
Courtesy / United Insurance
The Gallagher Insurance team, from left: Stacy Robey, Brian Sipe and Alanna Rideout.
Portland-based United Insurance has acquired a Caribou firm that it has competed with in the Aroostook County market.
Gallagher Insurance, which will continue to operate from its location at 562 Main St. in Caribou, has three full-time employees. The firm will be known as United Insurance-Gallagher.
Including the United Insurance office, there will be five people in Caribou.
Terms of the deal, which was announced Tuesday, were not disclosed.
United Insurance, which is based on Forest Avenue in Portland, has a team of nearly 200 people and 14 locations in Maine and New Hampshire. The firm offers personal, business and employee benefits, as risk management services to over 35,000 clients.
Gallagher background
Gallagher Insurance was founded in 1985 by E. Gerald (Jerry) Gallagher, who launched the firm from his Presque Isle home. In 1989, he acquired the Nelson Insurance Agency and at that time moved to the Main Street location in Caribou.
Since 1999, the firm has been owned by Brian Sipe, who is Gallagher's son-in-law and joined the agency in 1995. Today, the firm has more than 1,400 commercial and personal insurance clients.
“For the past 40 years, the Gallagher Insurance team has been a respected competitor of our Caribou, Fort Fairfield and Presque Isle offices,” said United Insurance CEO Zack Frechette, who was a Mainebiz 40 Under 40 honoree last year. “We’re delighted to add their considerable expertise to our team and welcome their clients to our family.”
The union of the two firms offers growth opportunities for the Gallagher team, Sipe said.
“We have always offered great coverage and a really good value, but outstanding service is how we keep our clients happy,” Sipe said. “Teaming up with United Insurance enables us to provide the same service we always have with more coverage options for our clients and growth opportunities for our team.”
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