NAUGATUCK — Ion Insurance Corp. announced last week its acquisition of Cheshire-based CPM Insurance.
Ion Insurance CEO David Drescher said the purchase, which was finalized in January, nearly doubles Ion’s staff.
“Together we offer several niche programs which gives us a larger presence,” he said. “Merging our companies together will be seamless and nondisruptive for customers of both agencies.”
The deal gives Ion customers access to a greater number of insurance carriers and specialized insurance coverage for towing operations, sand and gravel hauling, automobile recycling and dismantling and tool and equipment covered offered through CPM’s exclusive Pro-Tec program.
Drescher said the 20 employees Ion absorbed through the merger as well as some of the 20 Ion staff members based in Naugatuck will be moved to an 8,500 square-foot facility at 1520 Highland Ave. in Cheshire. He said that the company’s headquarters will remain in Naugatuck and that there are no planned layoffs in the wake of the merger.
CPM was previously owned by Connex Credit Union of North Haven. In a statement, CEO Frank Mancini said the company needed to return to its roots in community banking.
“We recognize that our growth lies in our core business proficiencies and that is where we will focus our resources,” he said.
Ion Insurance is a 103-year-old full-service community insurance agency founded in Naugatuck. It was acquired by Nutmeg Mutual Holding Co., the precursor to Ion Financial MHC, in 2005. Its name was changed to Ion Insurance in the fall of 2013.
“It’s exciting, these are exciting times for us. We’re growing and expanding,” Drescher said.
