WATERBURY, Conn.--(BUSINESS WIRE)--July 23, 2003--Webster
Insurance, a wholly owned subsidiary of Webster Financial Corporation
(NYSE:
WBS -
News), today announced the acquisition of LJF Insurance
Services, Inc., a full-service insurance agency with offices in
Southport and Norwalk, Connecticut. LJF Insurance has served Fairfield
County for more than 100 years. Terms of the acquisition were not
disclosed.
"We are delighted to welcome LJF Insurance to Webster Insurance.
This addition further advances Webster's strategic objectives by
expanding the availability of Webster's services to customers in lower
Fairfield County in concert with our branch expansion initiative,"
stated Webster chairman and chief executive officer, James C. Smith.
"This acquisition will contribute additional growth of fee-based
revenues while deepening our ties in a competitive market."
Webster Insurance is the largest Connecticut-based insurance
agency and ranks among the nation's top ten bank-owned insurance
agencies or brokers by revenue. Webster's annualized revenue from
insurance in 2002 was approximately $27 million. In January 2003
Webster announced the acquisition of The Mathog & Moniello Companies,
an East Haven, Connecticut-based commercial and property and casualty
agency that specializes in providing risk management products and
services to self-insured businesses and groups.
"The addition of LJF Insurance fits well within the Webster
culture, particularly in their professional commitment to customer
service and the local community," stated John J. Queirolo, president
and chief executive officer of Webster Insurance.
Webster Insurance will merge both offices into its Riverside
Avenue, Westport location. LJF principals Edward R. Fitzgerald, CPCU
and Paul L. Jones will be senior vice presidents at Webster Insurance,
and Patti Jo Provenzale will become an assistant vice president.
Webster Financial Corporation is the holding company for Webster
Bank and Webster Insurance. With $14 billion in assets, Webster Bank
provides business and consumer banking, mortgage, insurance, trust and
investment services through 109 banking offices, 219 ATMs, a
Connecticut-based call center and the Internet. 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,
Budget Installment Corp., Center Capital Corporation, an equipment
finance 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.
Contact:
Webster Financial Corporation
Media:
Clark Finley, 203-578-2429
cfinley@websterbank.com