NEW: East Providence Insurance Agency Acquired by Cross Insurance
Wednesday, April 09, 2014
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.
Related Slideshow: 13 Biggest Business Stories in RI in 2013
13 Best Biz Cities in RI
GoLocal's examination of the Best Cities and Towns to do business in RI explored new ground for companies looking to relocate or expand.
Our researchers culled municipally-distinct data on tax rates, workforce availability, cost of living index, economic indicators for short term and long-term job growth, even average driving time to TF Green Airport, to quantify a blend of factors that make for a pro-business environment. Because every city and state in RI complies by statewide measures, those metrics weren't included in GoLocal's research.
Our coverage of the Superman building's threatened future started back in 2011, when a news story by GoLocal's News Team first unveiled the threat that Bank of America would leave the building and leave the city with the largest embarrassment.
In the story, The Superman Building: Downtown’s Ticking Time Bomb - former Mayor and developer Joe Paolino predicted the demise of the iconic building.
The failure to act by the Taveras Administration created the tallest embarrasment in America - one that has been reported by most every news organization in America.
GoLocal covered the demise of the building throughout the year.
11 JetBlue Factor
JetBlue's arrival to Rhode Island was first announced by GoLocal is the summer of 2012, but no one quite knew the impact of the JetBlue factor, until a promotion by the airline was launched in partnership with the Big Blue Bug, which rocked the internet and sold out $20 tickets in minutes.
The promotion launched on GoLocalProv showed the world of advertising has changed forever.
10 New England's Business
GoLocal's business team loves to collect and breakdown critical data to help Rhode Islander's get a beat on the story or even the bigger story.
One massively wide-read story was one that pivoted off the data of the Milken Institute and its rankings of all the cities in America.
The Best-Performing Cities study is published annually in order to highlight the cities and metropolitan areas in the U.S. that are prospering, and to point out those that are struggling from a structural point of view. By examining job, wage, and technology metrics over a five-year period, the publication utilizes a data-driven approach to provide a comprehensive measure of economic strength.
9 Arcade is Back
GoLocal has been tracking the Arcade since we came online in 2010 - from investigative video reports about the homeless living in the building to restoration and the reopenning.
While the financial district is only a shadow of itself - kudos need to go out Evan Granoff for pouring millions into the restoration of the classic Greek revival edifice.
8 38 Studios Defendants
An exclusive report by GoLocal's Investigative Team unveiled that defendant's in the 38 Studio's lawsuit had filed responses, and they had a very different opinion of what caused the collapse and the loss of $100 million to the State of Rhode Island.
Almost every defendant pinned the blame on Governor Lincoln Chafee for failing to give oversight and then hitting the panic button and forcing the ultimate collapse of the company.
7 Social Media
Social media continues to flex its muscle and demonstrate that it is far more influential than legacy media.
Twitters IPO and the progression of the Facebook model have redefined business.
One article in GoLocal's on going coverage of the metamorphosis of social media was a great guidance article by Johnson & Wales' Sierra Barter which functionally went viral.
Amazingly, one of the biggest stories of 2013, the effort by union leaders to force John DePetro off the air for calling female teacher protestors "WHORES," has been battled almost exclsuively on social media.
6 Alex and Ani Growth
Rhode Island's homegrown Alex and Ani continues at rocket speed growth.
The Cranston-based, Made in America jewelry company continues to bundle the very best of Rhode Island: jewelry design, old school manufacturing and smart marketing.
• Generated $80.04 million in revenue, including $22.06 million in sales in the state of Rhode Island, $51.42 million in sales in other U.S. states, and $6.57 million in exports.
• Supported 1,094 full-time equivalent (FTE) jobs in Rhode Island, from which 296 are direct FTE jobs and 798 are induced FTE jobs.
• Created $35.4 million in income for Rhode Island households. Direct earnings totaled $10.32 million and induced earnings totaled $25.1 million.
5 College Endowments
In Rhode Island, colleges and universities are big business. They are major economic engines and each of the local colleges readily announce the positive impact they have on the local economy and job creation.
GoLocal's look at the top 50 endowments of the college and universities in New England, found that Harvard's $30+ billion endowment overshadowed all other colleges in New England.
Brown ranked ranked 5th in New England and 28th overall with an endowment of more than $2.4 billion.
3 Twin River Rebound
Twin River is now a real casino with humans not video tapes dealing black jack.
Under the leadership of John Taylor, the company has rebounded from bankruptcy and become a model for gaming firms.
Now, Twin River is expanding and has made a strategic purchase in Mississippi.
With casinos coming online in Massachusetts sometime in the future, Twin River is doing a better job diversifying and planning for the future than the state of Rhode Island, who is so dependent on the revenue.
Rhode Island's unemployment situtation is a national embarrassment, and it is hard to see a governmental strategy designed for its improvement. In the post-38 Studios environment, decision-makers are affraid to champion significant initiatives.
The result is now that Rhode Island is last in America in unemployment and the crisis has gone on without improvement for years and years.
1 Demise of Newspapers
In the past year, the Providence Journal has laid off, demanded buyout or pushed retirements of over 50 reporters, editors and photographers - a staggering percentage of the newsroom.
Many of the those who departed were among the most recognized. Pulitzer Prize winning writer Mike Stanton quit to take a teaching job at UConn and now freelances for the Boston Globe.
Speaking of the Boston Globe, Red Sox owner John Henry bought the Globe from the New York Times for $70 million which represented a 97% loss in value for what the NYTimes had paid for the Globe and other related media.
As GoLocal's Pultizer Prize winning reporter Dean Starkman has written repeatedly about the need for media to invest in content. His words seem to fall on deaf ears.
- LEGAL MATTERS: Does Your Car Insurance Really Cover You?
- NEW: Health Insurance Consumer Protection Bills Becomes Law
- Smart Benefits: 2013 Health Insurance Rate Increases Expected Soon
- LEGAL MATTERS: How To Lower Your Teen’s Car Insurance Bill
- NEW: Health Insurance Director Koller Leaving Rhode Island
- Smart Benefits: Expect Double-Digit Health Insurance Hikes in 2014
- LEGAL MATTERS: Post-Hurricane Sandy Insurance + Repairs
- NEW: Reed, Whitehouse Seek to Preserve Unemployment Insurance
- Smart Benefits: Health Insurance Stores? Yes.
- LISTEN: Insurance Covers 38 Studios Bonds + Who’s Hot & Who’s Not
- NEW: Woman Pleads Guilty to Burning Down Home in Insurance Scheme
- State House Report: Abortion, Term Limits & Health Insurance
- LISTEN: Will Rhode Islanders Purchase Insurance Under Obamacare?
- Over 1 in 10 Rhode Islanders under 65 Lacked Health Insurance in 2011
- State House Report: Casinos, Legislative Health Insurance & Gubernatorial Appointments
- Lawmaker Calls on Colleagues to Pay for Health Insurance
- PODCAST: Which RI Zip Code Has the Highest Auto Insurance Rates and Why?
- State Report: Adult Entertainment, Digital Auto Insurance + More
- NEW: Chafee Names Kathleen Hittner Health Insurance Commissioner
- RISD Students Design “Snapshot” Device for Progressive Insurance
- State Spends $64M on Health Insurance Web Site
- Insurance Policy Would Pay Back 38 Studios Bonds
- NEW: Coalition Calls for an End to Gender Discrimination in Health Insurance
- Rhode Island’s Car Insurance Rates Highest In New England
- Which RI Zip Code Has the Highest Auto Insurance Rates and Why?