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Falmouth, Maine-based insurance agency United Insurance has acquired the Mexico Agency business from Northeast Bank Insurance Group.

The Mexico Agency, which was acquired by Northeast in 2004, writes approximately $900,000 in annual premiums and employe three.

James Brown, managing partner for United Insurance, said the two agencies have “similar cultures and similar service standards, and that’s why this opportunity benefits both organizations.”

Both United Insurance and Northeast Bank have made a number of acquisitions in recent years.

“Changes in the industry are opening up opportunities for solid agencies on both sides of the table. Our goal is to continue to grow our insurance line of business, though we regularly review market opportunities as well as our ‘ricks and mortar’ strategy to ensure we are maximizing our capital and resources,” said Jim Delamater, president and chief executive officer of Northeast Bank.

Northeast Bank Insurance Group is a wholly owned subsidiary of Northeast Bank, headquartered in Berwick, Maine.

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Source: Northeast Bank Insurance Group

Topics Mergers & Acquisitions Maine