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W W W. M A I N E B I Z . B I Z 19 A P R I L 3 , 2 0 2 3 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E e acquisition of Maine Insurance Agency, a fifth-generation family- owned business founded in 1905, was designed to broaden Cross's service offerings in Maine's coastal region. e Lougee acquisition and the hire of a risk management director gave Cross a flagship personal insurance advisory presence in the Duxbury region. Other acquisitions increased the Maine company's geographic reach and allowed it to broaden its service offerings — all part of the agency's ongoing strategic plan. ose plans are in sync with a gen- eral trend toward industry consolida- tion, said Cross. "Inside the insurance brokerage part of the business, there's been a tremendous amount of consolidation TheFirst.com/1-800-564-3195 You choose Maine. We choose you. With Merchant Services from First National Bank, your business will save 4% off your transaction fees or we'll give you $100. With local support and a team of digital commerce specialists on the ready when you need us, we're all in on you. You've built your life here, we want you to keep growing it to fit your dreams. DREAM FIRST. Ashley Benson, Innkeeper LimeRock Inn, Rockland Email DigitalCommerce@thefirst.com to start saving 4% today. When a business is in distress a lifeline can take many forms. That's where Drummond Woodsum attorneys Jeremy Fischer, Ben Marcus, Peter Klein, Jeff Piampiano, Julia Pitney, Kellie Fisher and Christopher Brooks can help. Our extensive bankruptcy, restructuring, and creditors' rights practice is ready, willing, and able to undertake efficient and immediate action in any distressed commercial situation. We pride ourselves on providing practical advice to our clients in northern New England and across the country from the first sign of distress through the most complex chapter 11 bankruptcy. We practice law differently. Since 1965. dwmlaw.com dwmlaw.com | 800.727.1941 800.727.1941 C O N T I N U E D O N F O L L OW I N G PA G E » By the numbers In 2021, Maine had 22 domestic insurance companies. In 2021, Maine had a total of $9.786B in total direct premiums written in-state for all types of insurance. In 2014, total direct premiums for all types of insurance was $6.649B. In 2021, Maine insurance industry employment (carriers, agents, brokers, related activities) was 21,126. In 2014, employment was 20,904. Insurance carriers and related activities make up 51.32% of the gross domestic product for financial institutions in Maine. S O U R C E S : National Association of Insurance Commissioners, U.S. Department of Labor, Bureau of Labor Statistics Inside the insurance brokerage part of the business, there's been a tremendous amount of consolidation over the last 10 years. — Jonathan Cross Cross Insurance