Advertise
Resources
Member, Beacon International Group, Ltd.
Cross Insurance, a unit of Cross Financial Corp., on Monday announced it has acquired Wellesley, Massachusetts-based independent insurance agency Corcoran & Havlin Insurance Group.
A spokesman for Bangor, Maine-based Cross Insurance declined to comment on the terms of the deal.
Corcoran & Havlin will continue to operate under its own name in its current locations, the spokesman said.
According to the statement, Corcoran & Havlin's owners, President Jack Keefe and Executive Vice President George Doherty, will continue to lead the firm.
“Jack and George have built a first-class organization and have a knowledgeable and dedicated staff supporting them,” Royce Cross, CEO of Cross Insurance, said in the statement. “We are extremely pleased that they have agreed to join our organization, and we look forward to having them as part of our leadership team.”
“We are delighted to join forces with Cross Insurance,” Mr. Keefe said in the statement. “We believe this partnership will only enhance the products and services we can offer our current and potential customers.”
Private equity-backed buyers expanded their ownership of insurance brokerages in 2014, contributing to a record number of announced mergers and acquisitions in the United States and Canada amid strong pricing for sellers.