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Acquisition Fever
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Business New Haven
6/1/1998
By: Russell Stone
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BRIDGEPORT - People's Bank (NASDAQ: PBCT) will enter the insurance market and broaden its financial services offerings through its acquisition of R.C. Knox & Co. of Hartford, the largest independent insurance agency in Connecticut. Terms of the arrangement were not disclosed. As a People's subsidiary, R.C. Knox will operate under the same name from the same offices with the same management team, but People's chief executive David E.A. Carson sees the combination as “a major step in providing one-stop financial-services convenience for our customers.”
WATERBURY - Not to be outdone by its larger cousin in Bridgeport, Webster Financial Corp. (NASDAQ: WBST), parent company of Webster Bank, will also enter the insurance market. It agreed to acquire the privately-held Damman Insurance Associates. Terms of the deal were not disclosed. Just as with People's takeover of R.C. Knox, Webster will keep Damman's current management team in place.
ORANGE - In other acquisition news, Hubbell Inc. (NYSE: HUBa) announced its acquisition of Seiscor Technologies Inc., a subsidiary of Raytheon. Seiscor, a Tulsa-based manufacturer of digital equipment for communications networks, will expand the product lines offered by Hubbell's Pulse Communications subsidiary.
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