With deal for Aroostook County firm, insurer expands into wealth management

Photo / Courtesy United Insurance Fom left, Scott Boucher, Scott Violette and Nathan Berry, partners of Barresi Financial.

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By Alexis Wells

Portland-based United Insurance has acquired Barresi Financial, a 46-year-old employee benefits and financial services company based in Presque Isle.

Terms of the deal, which was announced Monday, were not disclosed.

Barresi Financial, which was founded in 1979, has the main office in Presque Isle and added a Bangor office in 2000. It is owned by partners Nathan Berry, Scott Violette and Scott Boucher, who will stay in their current roles.

“We believe this to be a natural evolution of Barresi Financial,” said Berry. “We’re excited to merge our employee benefits team with the team at United Insurance while still offering financial services and advice to our clients. This partnership also enables us to offer many other personal and commercial insurance options from United’s top-notch team.”

Jim Darroch, director of marketing and community engagement for United Insurance, told Mainebiz that United will retain Barresi's workforce and two offices, which will continue to operate under the Barresi Financial name.

A total of 10 employees will join United Insurance.

“Adding a financial services division to our organization has always been one of United Insurance’s long-term goals,” said Zack Frechette, president and CEO of United Insurance.

“The Barresi Financial team has been United Insurance’s 401(k) plan administrator for decades, so we’ve personally experienced their vast knowledge and exceptional service. Their ten associates are a great fit for our organization, our values, and our commitment to deliver a full spectrum of advisory services to our clients — personal insurance, business insurance, employee benefits, surety, and now, wealth management.”

This is United Insurance's third acquisition in the past three months. In January, the insurance company acquired Gallagher Insurance, a Caribou firm, and later, in March, it acquired six offices from Kimball Korp.

United Insurance, which is based on Forest Avenue in Portland, has a team of nearly 200 people and 18 locations in Maine, New Hampshire and Massachusetts. The firm offers personal, business and employee benefits, as risk management services to over 35,000 clients.