News Details

WATERBURY, Conn.--(BUSINESS WIRE)--April 9, 2001--Webster Financial Corporation (Nasdaq: WBST), through its wholly owned insurance subsidiary Webster Insurance, today announced the acquisition of Wolff-Zackin & Associates Inc. and Benefit Plans Design & Administration Inc., both of Vernon. Terms were not disclosed.

"The addition of Wolff-Zackin and Benefit Plans provides Webster customers expanded insurance products and services, greater depth of risk management expertise and the ability to negotiate the best coverage in the marketplace," said Peter K. Mulligan, senior executive vice president, Webster Bank. "Webster Insurance is now the largest Connecticut-based insurance agency, and we have greatly expanded our presence in the Hartford area."

Founded in 1954, Wolff-Zackin & Associates is a multiple lines insurance business specializing in personal and corporate life insurance, personal and commercial property and casualty insurance and deferred compensation plans. Sister company Benefit Plans Design & Administration Inc. provides businesses with pension, profit sharing, individual retirement account (IRA), 401K investment plans. The company also provides group life, disability income, medical and dental care plans for businesses.

These are Webster's fifth and sixth insurance agency acquisitions since 1998 when the company entered the insurance business through its acquisition of Damman Insurance Associates, a privately owned agency with offices in Westport and Wallingford.

"The Webster team continues to grow, and stands ready to meet the financial service needs of individual and business customers looking to have all or most of their banking, investment and insurance needs managed through a single source," said John Queirolo, president and CEO, Webster Insurance.

Commenting on the merger, Gregory S. Wolff, CFP and chairman of Wolff-Zackin said, "Wolff-Zackin will bring even greater versatility to Webster Insurance and we are proud to be a part of one of the best insurance organizations in Connecticut. Our clients will be the ultimate beneficiaries of this powerful business combination."

James D. Black, ChFC, CLU, CEBS, president and CEO of Benefit Plans Design & Administration, Inc. said, "Our goal has always been to provide first class, state-of-the-art services to our customers. Becoming part of Webster Insurance will greatly enhance our ability to meet this goal in the future. We look forward to extending our services to Webster's business customers and the opportunity to introduce our customers to Webster's wide array of financial services."

Webster Insurance has offices in Cheshire, East Hartford, Norwich, Vernon, Wallingford, Westport and Waterford. The largest Connecticut-based insurance agency, Webster Insurance offers a full line of commercial and personal insurance; risk management services; employee benefit plans; life insurance and annuities; and investment, pension and 401K services. Webster Insurance currently has a staff of 180 employees and writes in excess of $220 million in premiums annually.

Connecticut-based Webster Bank provides business and consumer banking, mortgage, insurance, trust and investment services, and equipment leasing through more than 100 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.

For more information on Webster visit www.websterbank.com.

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