Cross Å˽ðÁ«´«Ã½Ó³», a Bangor, Maine, based subsidiary of Cross Financial Corp. and one of the largest independent insurance providers in New England, has further expanded its presence in western Massachusetts, New York and southern Vermont with the acquisition of Pittsfield, Mass., based independent insurance agency Colt Å˽ðÁ«´«Ã½Ó³».
Colt Å˽ðÁ«´«Ã½Ó³», founded 80 years ago by Samuel Colt, provides a range of insurance services including business and personal lines, as well as employee benefits, such as health and life insurance products.
Financial terms of the acquisition are not being disclosed.
“Our acquisition of Colt Å˽ðÁ«´«Ã½Ó³» in Pittsfield, along with our recent acquisition of Bardwell, Bowlby and Karam, also of Pittsfield, will allow us to expand our client base in Berkshire County and provide customers with a wide range of products,” said Michelle Orlando, president of Cross Surety, in a press release issued by Cross Å˽ðÁ«´«Ã½Ó³».
Under the terms of the acquisition, Colt Å˽ðÁ«´«Ã½Ó³» will become a wholly-owned subsidiary of Cross Å˽ðÁ«´«Ã½Ó³» and will continue to operate under the same name.
Orlando will oversee the combined insurance agencies as President. Kelly Collins, former owner and president of Colt Å˽ðÁ«´«Ã½Ó³», will continue working for Colt as executive vice president of the agency. Colt’s experienced staff of 14 employees will remain with Colt, and additional hires are expected in the future as the agency continues to grow under Cross.
“I am thrilled that Colt Å˽ðÁ«´«Ã½Ó³» is now part of the Cross Å˽ðÁ«´«Ã½Ó³» family,” said Collins in the release. “Their investment in Colt Å˽ðÁ«´«Ã½Ó³» and in Berkshire County brings the strength and resources of a large enterprise with the feel of a small, local business.”
Source: Cross Å˽ðÁ«´«Ã½Ó³»
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