With six insurance agency acquisitions under its belt - four in the past 12 months - Webster Financial Corp. is well on its way to becoming a full-service financial services company, analysts say.
In 1998 the $12 billion-asset Waterbury, Conn., company bought its first insurance agency, which specialized in commercial property/casualty coverage. Since then it has bought five more in its home state, each specializing in a business line Webster had decided it needed to enter or enhance. Last Monday the company announced that it had bought Wolff-Zackin & Associates Inc., a multiline insurance agency, and Benefit Plans Design & Administration Inc., which supplies businesses with pension, individual retirement account, and 401(k) investment plans. Each is based in Vernon, a Hartford suburb. Both deals closed April 5.