Webster Financial Corp., through its wholly owned insurance subsidiary Webster Insurance, announced the acquisition of Wolff-Zackin & Associates Inc. and Benefit Plans Design & Administration Inc., both of Vernon, Conn. Terms were not disclosed.
“The addition of Wolff-Zackin and Benefit Plans provides Webster customers expanded insurance products and services, greater depth of risk management expertise and the ability to negotiate the best coverage in the marketplace,” said Peter K. Mulligan, senior executive vice president of Webster Bank. “Webster Insurance is now the largest Connecticut-based insurance agency, and we have greatly expanded our presence in the Hartford area.”
Founded in 1954, Wolff-Zackin & Associates is a multiple lines insurance business specializing in personal and corporate life insurance, personal and commercial property and casualty insurance and deferred compensation plans.
Sister company Benefit Plans Design & Administration Inc. provides businesses with pension, profit sharing, individual retirement account, 401K investment plans. The company also provides group life, disability income, medical and dental care plans for businesses.
These are Webster’s fifth and sixth insurance agency acquisitions since 1998 when the company entered the insurance business through its acquisition of Damman Insurance Associates, a privately owned agency with offices in Westport and Wallingford. Webster Insurance has offices in Cheshire, East Hartford, Norwich, Vernon, Wallingford, Westport and Waterford. Webster Insurance currently has a staff of 180 employees and writes in excess of $220 million in premiums annually.
Topics Mergers & Acquisitions Agencies
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