This is Cross Insurance’s third acquisition of a Massachusetts-based independent insurance agency this year
Bangor-based Cross Insurance has announced another Massachusetts acquisition. The agency announced earlier this month that it has acquired the Appleby & Wyman Agency, Inc. Founded in 1903, Appleby & Wyman is a generalist insurance agency which has been serving Massachusetts residents for 114 years. The company currently serves more than 10,000 clients via its two office locations in Beverly and Westford.
According to the terms of the agreement, both management and employees will continue on with the agency after it is officially acquired. The agency’s president Lisa Marciano also will continue on in her role after the sale. Currently licensed in 38 states, the Appleby & Wyman agency boasts “a team of 25 insurance specialists, with an average of more than 15 years of insurance experience.”[pullquote]They have got an incredible brand on the North Shore and a wonderful team…we are really excited about getting a chance to work with them – Jonathon Cross[/pullquote]
In commenting on this latest acquisition, Cross Insurance’s Chief Operating Officer Jonathon Cross said that both the agency’s history and its performance metrics made its decision to acquire the agency very easy. He noted that the companies were brought together through an introduction.
“When we’re out looking at potential acquisitions, it’s definitely attractive when you see a company like Appleby & Wyman that has a longstanding, very proud tradition, explained Mr. Cross. “We would like to think that we enjoy the same type of tradition as a private company, and having been around since 1954. We were very glad when the conversations began and they moved towards them becoming a part of our company.”
Still interested in acquiring more in Massachusetts
Mr. Cross, who first began working at the family business while still in college, says even though the agency has already acquired three Massachusetts-based agencies so far this year, it is still interested in growing its presence in the Commonwealth. “We’re still looking, we’re still interested in growing in Massachusetts,” says Mr. Cross. “We like the Massachusetts market a lot, and look forward to many more years.”
Cross now has 15 locations across the Commonwealth
Founded in 1954 by Woodrow Cross, Cross Insurance has grown via strategic acquisitions over the past 60 years to become one of the largest insurance agencies in New England. Still family-owned and operated, the agency now boasts more than 700 employees operating out of 35 offices located in Maine, New Hampshire, Rhode Island, Massachusetts, Connecticut, and Florida.
With the addition of Appleby & Wyman’s two locations to the Cross Insurance family, the company now has 15 office locations in Massachusetts alone: Two offices in Boston, along with three on the North Shore, five on the South Shore, two in the Metrowest area, along with an additional three in Western Massachusetts. For those interested in learning more about the Cross family and their philosophy, don’t miss Agency Checklists January 31, 2017 article “All in the Family: An Interview With Royce Cross, President & CEO of Cross Insurance.”
