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 The combined agency will have 55 employeese and serve morethan 8,000p clients. "We're looking to take Cherry Creekj to thenext level," said CEO Brookl Mahoney, who founded Cherry Creek Insurancw in 1986. "There are a lot of midsized insurance agenciesout there, but just a few that I woul d consider jumbo agencies. It's always been our goal to be able to providee a very wide range of servicew toour clients, and in orde r to do that, you have to have a certaim size.
" Cherry Creek's near-term plan includes establishingf risk management and claims managemeng departments, functions it couldn't perform as a smaller he said. Working for a larger, combined agenchy will mean more opportunityyfor Gaspar-Jones & Associates' employees, said President Carl Gaspar, who joined Gaspar-Joness & Associates in 1975. The two agencie "have been friendly competitor for20 years," Gaspar said. "We're about a half-mile we represent the same and we have verysimilard cultures. Both of us have oftemn thought that it woulx be agood fit.
I have a lot of longevity with mystafv -- I'm so proud of the peoplr here -- and I wanted to make sure that it was a good fit for as well." Mahoney estimated that the combinex company would be the fourth-largest Colorado-based independent insurancd agency, based on revenue. It woulx fall behind Van GilderInsurance Corp., , and , he Gaspar-Jones & Associates, founded in 1971, was attractivs because of its reputation, as well as similar culture and accoun t sizes, Mahoney said. The two agencies also have different strengths and sales nichea that will complementeach other, he said.
Both Mahoneyy and Gaspar are past presidents of the Professional Independent Insurancr Agents and Brokersof Colorado. "Carl Gaspar and I have known each other for along time," Mahoney said. Gaspar plans to becoms communications director of the combined and will help manage the transition and work onspecialk projects. Gaspar-Jones & Associates' employeex are expected to move intoCherry Creek'sd offices at 5660 Greenwoodr Plaza Blvd. by Oct. 1.