Connecticut's Webster Financial Closes Acquisition of Damman Agency

Webster Financial Corp. says it has completed its acquisition of Damman Insurance Associates, a privately-owned, Westport-based insurance agency. The acquisition was announced in late April.

"With this merger, Webster and Damman are looking to the future and the best ways of serving our customers' diverse financial needs," says Webster chairman and CEO James C. Smith. "Increasingly, individual and business customers are looking to have all or most of their banking, investment and insurance needs delivered through a single source."

Incorporated in 1957, Damman is a full-service retail agency providing property and casualty, life and group coverage to commercial and individual customers. With offices in Westport and Wallingford, Damman has 50 employees and in 1997 wrote $68 million in premiums. George H. Damman, the agency's CEO, will continue in that role now that the operations are a subsidiary of Webster Financial Corporation. John J. Queirolo, Damman Insurance Associates' current president, also continues with the Webster subsidiary in that capacity.

Webster Financial Corporation, headquartered in Waterbury, CT, is the holding company for Webster Bank, which was founded in 1935 and is a leading Connecticut-based financial institution. Webster delivers consumer banking, commercial banking, mortgage, trust and investment management services, and insurance services to individuals, families and businesses.