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By PBN Staff
By PBN Staff
EAST PROVIDENCE – A 78-year-old Rhode Island insurance agency and its affiliate have been acquired by Cross Financial Corp. subsidiary Cross Insurance, an independent insurer based in Bangor, Maine.
Troy, Pires & Allen Insurance was founded in Pawtucket in 1936 as Cote & Lowrey. The company relocated to East Providence 10 years ago and grew its service offerings to include auto, home, life, condominium and business insurance. TPA serves individuals, families and businesses in several states, including Rhode Island, Massachusetts and Connecticut.
“Cross Insurance prides itself on upholding the values of a family-owned agency, something our firm is also committed to each and every day,” said TPA Managing Partner Peter Troy in a news release. “This acquisition ensures our clients will receive the best in both insurance care and insurance quality, while our employees can continue to provide outstanding service within a quality-focused environment.”
Following the acquisition by Cross Insurance, effective immediately, TPA will operate under the Cross Insurance name. Peter Troy will assume a role as head of commercial lines sales for the agency, while TPA Partner Gregory Troy will serve as president of the merged group.
“Cross Insurance provides the utmost professional and knowledgeable service in all major insurance disciplines, and we know our customers in Rhode Island and other parts of the Northeast will benefit strongly from this new partnership,” said Troy. “At the same time, we look forward to providing many years of continued service to our clients to better assist them with their respective needs.”
Shove Insurance Inc. of East Providence, a 155-year-old insurance agency affiliated with TPA, was also purchased by Cross Insurance. Shove’s former partners, William Hunt and David Francis, will join Cross Insurance as producers.
“We see the acquisition of Troy, Pires & Allen Insurance as vital to our expansion in Rhode Island as we plan for the future growth of Cross Financial Corp.,” said Royce Cross, CEO of Cross Insurance. “Under the Cross banner, Troy, Pires & Allen Insurance customers can expect to receive a focused product line and a commitment to personal service that have helped solidify our status as northern New England’s largest independent insurance provider.”
Cross Insurance did not disclose any information about the cost of the acquisition. Ira Kantor, a spokesman for Cross, said there will not be any staffing changes expected at TPA or Shove Insurance following the acquisition, and TPA’s East Providence offices will not be relocated.
Since its founding in 1954, Cross Insurance has grown into one of the largest insurance providers in New England with more than 600 employees in more than 30 offices, servicing 100,000 customers throughout the region. Cross Insurance provides insurance and financial products including personal and commercial insurance lines, employee benefits, surety bonds, and comprehensive risk management advice and counsel.
The TPA deal marks the fourth acquisition this year for Cross Insurance, following the broker’s previous acquisitions of Willis of Northern New England, The Insurance Exchange of Stamford, Conn., and The Driscoll Agency of Norwell, Mass.