News Details

WATERBURY, Conn.--(BUSINESS WIRE)--Jan. 6, 2003--Webster Financial Corporation (NYSE:WBS) today announced the acquisition of The Mathog & Moniello Companies, an East Haven, Connecticut-based commercial property and casualty agency that specializes in providing risk management products and services to self-insured businesses and groups.

Webster's annualized revenue from insurance in 2002 was approximately $27 million, while Mathog & Moniello's 2002 annualized pro-forma revenue was approximately $11 million. With this acquisition, Webster Insurance now ranks amongst the nation's top ten bank-owned insurance agencies or brokers by revenue.

"In welcoming Mathog & Moniello to Webster Insurance we round out our commercial property-casualty insurance platform. This addition further advances Webster's strategic objectives and allows us to broaden and deepen customer relationships both within the insurance group and across Webster," stated Webster chairman and chief executive officer, James C. Smith. "This acquisition accelerates our growth of revenue from fee-based services. It is a significant strategic gain for Webster early in 2003."

Prior to acquisition, Mathog & Moniello was one of the largest independent retail brokers in Connecticut with approximately 90 employees and additional offices in West Hartford, CT and Harrison, New York. The agency specializes in alternatives to traditional insurance through its risk management services, which includes claims administration and loss control. The firm also offers self-funded, self-insurance services and has built extensive workers' compensation, self-insured programs for hospitals, municipalities, convalescent homes and auto dealers. It is one of the largest workers' compensation producers in New England.

"Webster Insurance was already the largest independent insurance agency in Connecticut," stated John J. Queirolo, president and chief executive officer, Webster Insurance. "With this acquisition we both expand our traditional coverage offerings and extensively penetrate the risk management arena. Today Webster Insurance can meet virtually any insurance or risk management need in our markets."

Terms of the acquisition were not disclosed.

Webster Financial Corporation is the holding company for Webster Bank and Webster Insurance. With $13 billion in assets, Connecticut-based Webster Bank provides business and consumer banking, mortgage, insurance, trust and investment services through more than 110 banking offices, 214 ATMs and the Internet (www.websteronline.com). Webster Financial Corporation is majority owner of Chicago-based Duff & Phelps, LLC, a leader in financial advisory services. Webster Bank owns the asset-based lending firm, Whitehall Business Credit Corporation, Center Capital Corporation, an equipment financing company headquartered in Farmington, Connecticut and Webster Trust Company, N.A.

For more information about Webster, including past press releases and the latest Annual Report, visit the Webster Bank web site at www.websteronline.com.