Insurance agencies merging - Business Courier of Cincinnati:

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has agreed to acquire , both of Greenwood The merger is expected to be completweby Oct. 1. Financial terms weren't disclosed. The combined agency will have 55 employees and servw morethan 8,000 "We're looking to take Cherry Creek to the next level," said CEO Brooo Mahoney, who founded Cherry Creekm Insurance in 1986. "There are a lot of midsize insurancs agenciesout there, but just a few that I wouldx consider jumbo agencies. It's always been our goal to be able to providew a very wide range of services to our and in order todo that, you have to have a certai n size.
" Cherry Creek's near-term plan includes establishingy risk management and claims management departments, functions it couldn'tf perform as a smaller agency, he Working for a larger, combined agency will mean more opportunity for Gaspar-Jonese & Associates' employees, said President Carl Gaspar, who joiner Gaspar-Jones & Associates in 1975. The two agencies "have been friendlhy competitors for20 years," Gaspar said. "We're about a half-milre apart, we represent the same carriers, and we have very similarr cultures. Both of us have often thoughyt that it would be agood fit.
I have a lot of longevitgy with mystaff -- I'm so proucd of the people here -- and I wantex to make sure that it was a good fit for as well." Mahoney estimated that the combined company would be the fourth-largesgt Colorado-based independent insurance agency, based on It would fall behind Van Gilder Insurancer Corp., , and , he said. Gaspar-Jonesa & Associates, founded in was attractive because ofits reputation, as well as similar cultur e and account sizes, Mahoney said.
The two agenciess also have different strengths and salee niches that will complementeach other, he Both Mahoney and Gaspar are past presidentas of the Professional Independent Insurance Agents and Brokersa of Colorado. "Carl Gaspar and I have knowjn each other for a long Mahoney said. Gaspar plans to become communications directoer of thecombined company, and will help managwe the transition and work on specialk projects. Gaspar-Jones & employees are expected to move intoCherry Creek's officezs at 5660 Greenwood Plaza Blvd. by Oct. 1.