Mainebiz

V O L . X X I X N O. V I I A P R I L 3 , 2 0 2 3 18 B A N K I N G / F I N A N C E / I N S U R A N C E P H O T O / C O U R T E S Y O F C RO S S I N S U R A N C E O ver the past year, Bangor- based Cross Insurance has been on an expansion streak, with acquisitions including Maine Insurance Agency of Portland and the Lougee Insurance Agency in Duxbury, Mass. It acquired Harold Humphrey Insurance Agency Inc. and its sister agency, Byfield Insurance Agency Inc., both in Newburyport, Mass., and both specializing in personal and small business coverage. Last fall, Cross acquired Northern Benefits of Massachusetts, based in Marlborough, Mass. at was followed a month later by the purchase of Patriot Benefit Solutions Insurance Agency, based in North Andover, Mass. Another significant development within the firm, last fall, was the role change of CEO Royce Cross, who is now active daily in special projects as chairman and founder. His son, Jonathan Cross, stepped into the role of CEO and president. "Going way back, my father and grandfather have always been buying agencies as they became available," said Cross. "ey expanded through- out Maine and New Hampshire, and we've been expanding in other states over the last 10 to 15 years." Extensive growth Like many professional service indus- tries, the insurance industry has been undergoing expansions and transi- tions in recent years, with acquisitions, C-suite transitions and new hires. Allen Insurance and Financial beefed up its C-suite with recent promotions; State Farm Insurance opened a Lewiston office; and MEMIC plans to insure more small businesses outside of Maine. Cross Insurance, an insurance bro- kerage founded in 1954 by Woodrow Cross at his kitchen table, was ranked No. 9 among the largest Maine family- owned businesses in the 2022 Mainebiz Book of Lists, based on the number of Maine employees as of June 30, 2021. Since its founding, Cross has grown extensively through the acquisition of more than 120 insurance agencies throughout the Northeast. Today, the company has about 1,100 employees operating out of offices in Maine, New Hampshire, Vermont, Rhode Island, Massachusetts, Connecticut, New York and Florida. at includes 387 Maine employees and 14 Maine locations. Jonathan Cross has played a critical role in the expansion of the company's insurance services and capabilities, which now span beyond the Northeast and count roughly 1,100 employees, working in more than 40 offices. Jonathan Cross, president and CEO of Cross Insurance, has played a critical role in the expansion of the company's insurance services and capabilities. F O C U S GROWTH & CHANGE Maine's Insurance industry Acquisitions, C-suite transitions, new hires and market expansions define recent activity B y L a u r i e S c h r e i b e r THRIVING on

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