News Details

WATERBURY, Conn.--(BUSINESS WIRE)--Jan. 10, 2001--Webster Financial Corporation (Nasdaq:WBST), through its wholly owned insurance subsidiary Webster Insurance, today announced the acquisition of Musante Reihl Associates, a Cheshire-based insurance agency.

Terms were not disclosed.

"Musante Reihl is a quality agency with an excellent reputation in the marketplace," said John Queirolo, president and CEO, Webster Insurance. "As more individual and business customers look to have all or most of their banking, investment and insurance needs managed through a single source, the Webster team stands ready to meet their financial service needs."

Webster entered the insurance agency business in 1998 through its acquisition of Damman Insurance Associates, a privately owned insurance agency with offices in Westport and Wallingford.

Musante Reihl, which has seven employees, had revenues of $850,000 in 2000. The agency specializes in group benefits, long-term care and life insurance.

Commenting on the merger, Heather Reihl said, "By partnering with Webster Insurance we will now be able to offer a wider range of the insurance products and services that our customers demand."

Webster Insurance has offices in Cheshire, East Hartford, Norwich, Wallingford, Westport and Waterford. One of Connecticut's largest agencies, Webster Insurance offers a full line of commercial and personal insurance; risk management services; employee benefit plans; life insurance and annuities. Webster Insurance has a staff of 130 employees and writes in excess of $180 million in premiums.

Connecticut-based Webster Bank provides business and consumer banking, mortgage, insurance, trust and investment services through more than 120 banking offices, 200 ATMs and the Internet (www.websterbank.com). Webster's online mortgage subsidiary at www.nowlending.com on the Worldwide Web originates low-cost mortgages across the United States. Webster Financial Corporation (Nasdaq:WBST) is the holding company for Webster Bank.

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