Maine-Based Cross Insurance Acquires Colt Insurance of Massachusetts

Cross Insurance, 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 Insurance.

Colt Insurance, 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 Insurance 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 Insurance.

Under the terms of the acquisition, Colt Insurance will become a wholly-owned subsidiary of Cross Insurance 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 Insurance, 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 Insurance is now part of the Cross Insurance family,” said Collins in the release. “Their investment in Colt Insurance and in Berkshire County brings the strength and resources of a large enterprise with the feel of a small, local business.”

Source: Cross Insurance

Topics Mergers & Acquisitions Massachusetts Maine