Acadia celebrates its 25th anniversary servicing businesses in the Northeast
Happy Birthday Acadia. This month, Acadia Insurance Company, the A+-rated regional insurance company, is celebrating 25 years of providing insurance services to businesses throughout the Northeast. In commemoration of this important date, the company held a special employee celebration at the Omni Mt. Washington Resort in Bretton Woods, New Hampshire.
In commenting on this achievement, Acadia’s current President Doug Nelson said in a company announcement,
Over the past 25 years, Acadia has laid the groundwork for a strong and successful future and the road ahead looks brighter than ever. The next 25 years will present different opportunities and challenges; however, with commitment from our employees to uphold our core values, I am certain we will capitalize on these exciting opportunities.”
Out of a crisis, an opportunity
The company, now known as Acadia Insurance Company, began its story with the opening of its first office in South Portland, Maine in March of 1992. The company was founded in response to the worker’s compensation crisis in Maine, which occurred during the early 1990’s.
After obtaining its official recognition from Maine’s Department of Insurance in June of 1992, the carrier began enhancing its coverage with a wider array of Property, Liability, Auto and Umbrella offerings. It then turned its sight on expanding outside of Maine.
Impressive Growth over the past quarter century
During the next decade, the company experienced impressive growth under the leadership of then presidents, Bob Cole and Bill Thornton. By 2005, the carrier had expanded throughout much of the Northeast, including Massachusetts, Connecticut, New Hampshire, Vermont as well as New York.
As a result of those efforts, the company now has become one of the leading commercial lines insurers in New England, and has an A+ (Superior) rating from A.M. Best as well as an A+ (Strong) rating from Standard & Poor’s. It has also become an important regional employer with the company now counting a workforce of approximately 400 individuals.
Since 2011, with the addition of current President, Doug Nelson, the company has continued to see an impressive growth pattern with the carrier having grown by a further 50% in a six-year period.
The company, which is backed by the Fortune 500 W.R. Berkley, also has not forgotten its responsibility to the community. Since 2008, it has donated more than $650,000 in addition to 4,500 hours in support to local organizations with the focus on the most urgent needs of the community, such as job skills and development.
A rebranding in 2010
As part of its growth strategy, in the late 2000s, Acadia began developing specialized products and services to better serve its growing client base. In 2009, under the leadership of then President Bill Rodhe, Acadia created dedicated small business units aimed at better serving its agents and small business customers.
The year 2009, also saw the company create an launch a new agribusiness program focused on growing its clientele in the farming industry.
A year later, in 2010, the carrier underwent a complete rebranding that included a new company mantra – “Closer Coverage.” The company adopted this two-word phrase to capture both Acadia’s culture and value proposition: “to strengthen our local communities and serve our customers by delivering superior product and service locally, with a personal touch.”
With its personalized understanding of the unique risks local businesses face, Acadia is confident that it will be able to continue to provide customized insurance solutions to its clients for at least the next 25 years as well.
