Mainebiz

V O L . X X X I N O. X X V I I D E C E M B E R 1 , 2 0 2 5 18 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S I nsurers in Maine are growing their teams through acquisitions and training opportunities, while addressing needs for updated coverage to address climate change and cybersecurity challenges. Mainebiz checked in with three of the state's larger insurers — Cross Insurance, United Insurance and MMG Insurance — to learn how they're supporting their clients and teams in a changing business environment. United Insurance adds offices, team members Headquartered in Portland, United Insurance provides personal, business and employee benefits solutions, auto and health insurance, risk manage- ment and financial services to over 35,000 clients in 18 locations through- out Maine, New Hampshire and Massachusetts, where the company in February opened its first office, in Newburyport. "is location aligns well with United Insurance's strengths in per- sonal and commercial insurance," says Zack Frechette, president and CEO. "For years, we've insured hun- dreds of Massachusetts residents' summer homes, camps and ski condos in Maine," he adds. "Our expansion into Massachusetts helps us fulfill our mission of protect- ing our clients and extending our organizational reach to deliver trustworthy advice throughout New England. We're eager to continue our growth in the region." In northern Maine, United acquired Gallagher Insurance. "For the past 40 years, Gallagher has been a respected competi- tor to our offices in Caribou, Fort Fairfield and Presque Isle," Frechette says. "It made sense to bring their collective expertise and client base into our family, which will allow us to provide additional coverage options and development opportunities for our team." United also folded six offices from Maine's Kimball Korp Agency into the company in March and in April added a financial services division as well, with the acquisi- tion of Presque Isle- and Bangor- based Barresi Financial. "e Barresi Financial team has been United Insurance's 401(k) plan administrator for decades, so we've personally experienced their vast knowledge and exceptional service. "eir 10 associates are a great fit for our organization, our values and our commitment to deliver a full spectrum of advisory services to our clients — personal insur- ance, business insurance, employee benefits, surety and now wealth management." United now has over 200 employees, but Frechette notes, "Our vision isn't to become the largest insurance agency. It's to become the most trusted insurance partner in the Northeast." Cybersecurity risks increasing "For many years, cyber liabil- ity coverage was a 'nice-to-have' for some businesses and now it's a 'must-have' for all businesses," says Jonathan Cross, president and CEO of Bangor-based Cross Insurance. "We're seeing hackers attack businesses of all sizes," Cross notes. "Owners need to understand the technology that supports their busi- ness and how it can be impacted by hackers." Cross is a third-generation family-owned business, which has grown to include 43 offices from Maine to Florida with over 1,100 employees; 300 in Maine alone in 14 offices. e company has 13 offices in Massachusetts. Cross offers policies covering per- sonal and commercial auto, workers' compensation, general and profes- sional liability, employee benefits, home insurance, surety and bonding, from more than 100 carriers. Independent minded P H O T O / C O U R T E S Y O F U N I T E D I N S U R A N C E Zack Frechette is president and CEO of Portland-based United Insurance. S O U R C E : National Association of Insurance Commissioners, U.S. Department of Labor, Bureau of Labor Statistics MAINE INSURANCE BY THE NUMBERS, 2022 1 1 Latest year for which figures are available Maine had 23 domestic insurance companies. Maine insurance industry employment (carriers, agents, brokers, related activities) was 10,573. For 2021 1 , insurance carriers and related activities contributed $2.47B to the state's GDP. Maine had a total of $10.56B in total direct premiums written in-state for all types of insurance. Maine's insurance companies take on growth, challenges B y T i n a F i s c h e r $10.56B $10.56B $2.47B $2.47B

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