Salem Five has acquired Cape Ann Insurance, headquartered in Gloucester, Mass.
The acquisition will help Salem Five better serve the insurance needs of its customers in the region, according to Salem Five President and CEO Ping Yin Chai.
As one of the area’s largest bank-owned insurance agencies, Salem Five Insurance will offer Cape Ann customers access to a wider range of products and carriers while maintaining the personalized service and relationships of an independent agency.
Salem Five will also work to grow its commercial customer base on Cape Ann.
Founded in 1984 by Charles Nahatis and Robert Kiley, Cape Ann Insurance focuses primarily on personal insurance.
Salem Five Insurance offers customers a range of personal and commercial insurance options through access to all of the major regional and national carriers.
Salem Five Bancorp is the parent bank holding company of Salem Five, a mutual institution founded in 1855. Salem Five has 34 retail branches in Essex, Middlesex, Norfolk and Suffolk counties in Massachusetts and in New Hampshire. Divisions include Salem Five Mortgage Company, Salem Five Financial and Salem Five Insurance Agency.
Source: Salem Five
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