Northeast Bank Insurance Group, Inc announced it fifth insurance agency acquisition in less than a year. The Hartford Insurance Agency, family-owned and headquartered in Lewiston, is the latest in a string of deals for the insurance subsidiary of Northeast Bank, also headquartered in Lewiston, and is the largest; with more than $8 million in premiums, approximately 3,700 customers, and 9 employees.
Started in 1935, Hartford sells property and casualty insurance as well as employee health insurance in the Lewiston / Auburn and surrounding markets.
Hartford also operates a niche insurance program insuring campgrounds, RV parks, sporting camps and paddle sport operations. This program was not included as part of the agency acquisition.
“With the increased competition in the P&C business, spinning off the agency to a larger player like Northeast Bank Insurance Group made total sense,” said Lucas Hartford, president of The Hartford Insurance Agency. “My grandfather [Oscar] and father [Richard] started this business with a mission to really help people through the toughest of times; Northeast has the resources to carry on with that mission. They have more products, a growing lineup of national carriers and a larger footprint in Maine. In addition, this sale allows my family to focus on growing the campground insurance program, which is now one of the largest outdoor recreation insurers in the country – it’s a win-win for both of us.”
Craig Sargent, president of Northeast Bank Insurance Group, Inc. said Hartford’s Health First employee health insurance program “completes Northeast’s product portfolio.”
The four previous agency acquisitions Northeast completed this past year included Palmer Insurance in Turner; Sturtevant & Ham in Livermore Falls; Southern Maine Insurance Agency in Scarborough and the Russell Agency in Madison.
Northeast Bank Insurance Group now operaties 12 insurance offices throughout western, central and southern Maine in Anson, Auburn, Augusta, Bethel, Jackman, Lewiston, Livermore Falls, Mexico, Rangeley, Scarborough, South Paris and Turner.
Source: Northeast Bank Insurance Group, Inc.
www.northeastbank.com
Topics Mergers & Acquisitions
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