F. A. Peabody acquires two Katahdin region insurance agencies

1 year ago

MILLINOCKET, Maine — The F. A. Peabody Company announces the acquisition of two Millinocket-based insurance agencies in separate transactions. Effective April 1, the operations of the Katahdin Gateway Insurance Agency are being merged with the operations of FAPCO’s Northern Penobscot District. Katahdin Gateway Insurance, LLC operates as a credit union service organization to the Katahdin Federal Credit Union with three full-time office locations in Millinocket, East Millinocket, and Lincoln, and a part-time office in Milo.

The immediate plans are to merge the Lincoln office with FAPCO’s Lincoln branch office located on West Broadway. The other three locations will continue operations at their current address for the near future.

Kim French, manager of Katahdin Gateway Insurance for the last 22 years, is excited to move forward with F. A. Peabody and to continue serving the needs of all clients in the region. French exclaims, “Our staff is still present to service your needs as we have always done in the past. This is a beneficial move for our clients, staff and the community. We are excited to be part of the FAPCO team!”

The KGI acquisition coincides with FAPCO’s acquisition of the Reed Insurance Agency of Millinocket in late December 2022. Reed’s owner Karen Hansen retired from a long career in the insurance business and arranged for FAPCO to service her clients into the future. “The combined operations of KGI and Reed provide the F. A. Peabody Company an excellent opportunity to serve the Katahdin region successfully,” states Christopher Anderson, FAPCO president. “Our systems, insurance carrier relationships, economy, and culture are an excellent fit with KGI and Reed agencies. I am very pleased we are able to make this investment in the Katahdin region.”

The operating systems of both agencies are similar, relying on a Vertafore management platform. In addition, FAPCO is structured with a reception pool to navigate incoming calls to its smaller rural offices, reducing interruptions, which allows the agents to spend more time with their clients. Tina Jamo, president of Katahdin Federal Credit Union said, “Members can rest easy knowing they will continue to receive excellent service from the insurance professionals that they have become accustomed to expect.”

Stacey Soucier, Northern Penobscot district manager, will oversee the entire five branch operation including the district’s two existing offices located in Sherman and Lincoln. French will become the sales team leader and KGI’s current assistant manager Kaitlyn Brown will oversee the service staff as the new district supervisor. “We are excited to welcome the key KGI personnel to our team and look forward to partnering together to serve customers of the greater Katahdin region. I have a very positive outlook for all involved,” says Soucier.

The F. A. Peabody Company operates 14 office locations in Maine from Westbrook to Madawaska under the trade name F. A. Peabody Insurance selling all lines of insurance. FAPCO also owns and operates FAPCO Administrative Services, a 3rd party administration company focused on mortuary trust accounts, and an internet service provider, Pioneer Broadband.