Lake Norman Buys Aquesta Insurance’s Employee Benefits Unit in N.C.

Mooresville, N.C.-based Lake Norman Benefits has acquired the employee benefits practice unit from Aquesta Bank and its subsidiary Aquesta Insurance Agency Inc., based in Cornelius, N.C.

Aquesta Insurance is an independent insurance agency offering primarily commercial and personal property and casualty insurance. Aquesta said the business unit being sold focused on employee benefits, including medical, supplemental life and disability insurance.

Denis Bilodeau, president of Aquesta Insurance, said the deal will allow his agency to focus on its primary insurance line for property and casualty insurance.

David Contorno, CEO of Lake Norman Benefits, stated that acquiring the employee benefits unit from Aquesta is an important part of his firm’s 2013 growth plans. He said this type of growth-through-acquisition gives Lake Norman Benefits the advantage of increased economies of scale.

In addition to its Mooresville, N.C. office, Lake Norman Benefits has additional offices in New York and Chicago.

Topics Mergers & Acquisitions North Carolina Employee Benefits