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NEW: East Providence Insurance Agency Acquired by Cross Insurance

Wednesday, April 09, 2014

 

Cross Insurance, a subsidiary of Cross Financial Corp., and one of the largest independent insurance providers in New England, announced Wednesday the acquisition of Troy, Pires & Allen Insurance (TPA), a 78-year-old insurance agency based in East Providence, specializing in a wide variety of personal and business insurance coverage through more than twenty-five different providers.

The agreement, effective immediately, marks the fourth acquisition this year for Cross Insurance, a Bangor, Maine-based family-owned insurance agency, following the broker’s 2014 acquisitions of Willis of Northern New England, The Insurance Exchange of Stamford, Conn. and The Driscoll Agency of Norwell, Mass.

78-years of RI history

Founded in Pawtucket, R.I. in 1936 as Cote & Lowrey, TPA’s name changed to Cote & Troy in 1964. The agency became Troy & Pires in 1980, and continued to grow into what is currently known as Troy, Pires & Allen in 1990. Troy, Pires & Allen Insurance has been located at 376 Newport Avenue in East Providence for the past ten years.

Operating under new name

Troy, Pires & Allen Insurance will now operate under the Cross Insurance name, with TPA Partner Gregory Troy, CLU, CIC, AAI, serving as President of the merged agency. Additionally, Shove Insurance, Inc., a 155-year-old, Rhode Island-based insurance agency affiliated with Troy, Pires & Allen Insurance, was purchased by Cross Insurance. Shove Insurance’s former partners, William Hunt and David Francis, will remain with the new organization as Producers.

With this acquisition, TPA Managing Partner Peter Troy will focus his attention on solving insurance solutions for clients as Head of Commercial Lines Sales for the agency.

“As Managing Partner, Peter has done an outstanding job in putting our firm in this position, and we are excited for our future,” said TPA Partner Gregory Troy. “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. 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.”

“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 Partner Peter Troy. “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.”

Combined 110 years of experience

The four partners at TPA – including Andrew Troy, CIC – have more than 110 years of combined experience and knowledge in the insurance industry. Troy, Pires & Allen Insurance provides such service offerings as auto, home, life, condo and business insurance to individuals, families and businesses throughout several states, including Rhode Island, Massachusetts and Connecticut.

“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.”

Additional details of the acquisition have not been disclosed.

Since its founding in 1954, Cross Insurance has grown extensively through the acquisition of more than 100 insurance agencies throughout New England. 

 

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