Cross Insurance, a subsidiary of Cross Financial Corp. in Bangor, Maine, announced its acquisition of Troy, Pires & Allen Insurance, a 78-year-old insurance agency based in East Providence, R.I. Terms of the transaction were not disclosed.
Troy, Pires & Allen Insurance, which offers personal and business insurance, will now operate under the Cross Insurance name. Under the transaction, Troy, Pires & Allen’s partner Gregory Troy will serve as president of the acquired agency’s operations, while another partner, Peter Troy, will serve as head of commercial lines sales for the acquired agency’s operations.
Additionally, Shove Insurance Inc., a 155-year-old, Rhode Island-based insurance agency affiliated with Troy, Pires & Allen Insurance, was also acquired by Cross Insurance as part of the transaction. Shove Insurance’s former partners, William Hunt and David Francis, will remain with the new organization as producers.
The transaction marks the fourth acquisition this year for Cross Insurance, a family-owned insurance agency, following its acquisitions of Willis of Northern New England, The Insurance Exchange of Stamford, Conn. and The Driscoll Agency of Norwell, Mass.
Cross Insurance CEO Royce Cross said he sees the acquisition of Troy, Pires & Allen Insurance as vital to his firm’s expansion in Rhode Island as the firm plans for the future growth.
Since its founding in 1954, Cross Insurance has grown through the acquisition of more than 100 insurance agencies throughout New England.
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