Cross Insurance, a subsidiary of Cross Financial Corp. and an independent insurance provider in New England, has acquired the Holden Agency and its benefits division, Employee Benefits Solutions Inc., both are based in Portland, Maine.
Under the terms of the October 3 acquisition, Eric Jermyn, president of Cross Employee Benefits, and Dave Messersmith, president of Cross Insurance/Portland, Maine, will assume branch management responsibilities. Holden Agency executives Thomas Holden and John Benoit will remain on staff and assist with management of the office. Financial terms of the acquisition are not being disclosed.
Richard Holden Jr. founded the Holden Agency in 1955, shortly after beginning his career as a life insurance agent. After being officially incorporated and named the Holden Agency in 1968, the agency added both business and personal lines of insurance to its product offerings.
Thomas W. Holden, the agency’s former president, began working at the agency in 1975. In 1990, Thomas W. Holden and John R. Benoit purchased the Holden Agency from Thomas Holden’s father – Richard B. Holden Jr.
Over the ensuing years, the Holden Agency expanded the employee benefits segment of the business and created a new division – Employee Benefits Solutions Inc. – to reflect the agency’s commitment to providing employee benefits to businesses.
Jonathan Cross, chief operating officer at Cross Insurance, explained in a company press release that this latest acquisition represented an opportunity to expand operations in Maine.
Given the complexity of issues and the escalation of healthcare costs facing clients, the acquisition will also enhance efficiencies and improve available resources and expertise for clients, added Benoit in the release.
Source: Cross Insurance