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1520 Highland Ave., Suite 203, Cheshire, CT 06410
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Ion Insurance Acquires Cheshire Agency

September 1, 2014

Ion Insurance has signed a definitive agreement to acquire the Drescher Insurance Agency of 92 Main St., Cheshire, in a deal that is effective Sept. 1, said David Rotatori, the chief financial officer of Ion Bank, the insurance agency's sister company, who has been serving as the president of Ion Insurance for the past six months. Financial terms of the transaction were not released.

The company also announced that David Drescher, the owner and founder of the Cheshire agency, will become the president and chief executive officer of Ion Insurance, also effective Sept. 1.

Drescher is a 28-year insurance industry veteran who began his career with the New England Insurance Agency of Cheshire in 1986. He served as a regional manager for CNA Warranty, Specialty Underwriters Inc. for two years before spending three years as a senior vice president in the bank distribution division of Webster Insurance.

The acquisition will be seamless and non-disruptive for customers of both agencies, said Mary Kay Andrews, the vice president of Ion Insurance.

The deal will give customers access to a greater number of insurance carriers and will further strengthen and solidify the agency's relationship with those carriers, Rotatori said. "There is always an advantage to having greater size," he said.

Because the Drescher agency was one of the more technologically sophisticated insurance agencies in the state, the acquisition will also help Ion Insurance achieve its goal of introducing technological enhancements and improvements to its operation, he said.

"This is just one more step down the road of bringing better service and a wider and deeper variety of products to our customers," Andrews said.

Drescher Insurance was founded in 2003. All of their seven employees will now join Ion Insurance, increasing the size of Ion's staff to about 20, Andrews said.

Ion Insurance will be moving its entire operation to the company's new, 5,000-square-foot headquarters at 24 Cherry St., Naugatuck, by Oct. 23, Rotatori said.

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