Mascoma Savings Bank Sells Centurion Insurance Division to Vt. Firm

Valley News Business Writer
Tuesday, February 06, 2018

Lebanon — The Richards Group, an insurance and financial services firm headquartered in southern Vermont, has reached an agreement to acquire Centurion Insurance Group from Mascoma Savings Bank and will consolidate its Norwich offices into Centurion’s building on North Main Street in West Lebanon.

Exiting the insurance agency business marks something of an about-face for the Lebanon-based bank, which launched its own insurance agency in 2012 before acquiring Centurion in 2014. 

“Both our customers and the Centurion employees will be well served working with the breadth and depth of of (Richards’) product offering and expertise,” Mascoma CEO Clay Adams said in a news release.

The change in ownership should lead to more services and insurance carriers available to Centurion clients, said Tom Scull, a partner in Richards and head of its employee benefits practice. He said there would be no disruption in service to clients. 

Scull said “the majority” of Centurion’s 12 employees are expected to stay on after the acquisition closes, including Phil Latvis, who is president. Richards, based in Brattleboro with 11 locations in Vermont, employs six people at its Norwich office.

Posted at 12:35 p.m. Find a full report in an upcoming edition of the Valley News.