Risk & Business Magazine F.A. Peabody Insurance Magazine Fall 2017 | Page 7

1967. He was succeeded by his son-in-law,
Robert (Bob) Anderson, who had joined the
firm in 1961 and became FAPCO’s majority
shareholder and president.
THE R. E. A. YEARS
Under Bob’s leadership, the insurance
agency grew steadily. In the mid-60s,
FAPCO diversified from insurance by selling
real estate led by Fred Sylvester who was still
treasurer. Walter Burlock joined the firm,
replaced Fred as treasurer, and continued
management of the real estate division to
its staffing peak of five full-time employees
until his retirement in 1995. In 1969, the
F. A. Peabody Company purchased the
Johnston Plumbing and Heating Building at
29 North Street and renovated it to meet the
needs of the growing business. This facility
has been enlarged and renovated twice
since then. It now acts as the corporate
headquarters, housing over twenty-seven
people in more than 6,000 square feet of
space.
Bob was not afraid to believe in people
and find opportunities to grow through
entrepreneurialism. In 1979, he hired
FAPCO’s first dedicated life, health, and
benefits producer to diversify the insurance
offerings further. (See Life & Benefits, page
28) In 1988, FAPCO purchased the Maher
Travel Agency. Its name was changed to
Travel Connections and served the Southern
Aroostook area, employing four people.
After fifteen years, travel services were
increasingly being purchased by individuals
directly online, therefore the division
closed in 2004 in recognition of this trend.
In 1991, FAPCO launched a third-party
administration company serving the needs
of the local funeral industry in Maine. (See
FAPCO Administrative Services, page 29)
The “family business” tradition of F. A.
Peabody was enhanced in July 1988
when Christopher Benn Anderson, son
of Robert and Jeannette Benn Anderson
and grandson of Oscar Benn, joined the
company. Chris had been working for The
Travelers, a large multi-line insurer. Shortly
after his son joined FAPCO, Bob negotiated
the purchase of FAPCO’s largest, longtime
competitor, the George S. Gentle Agency.
This acquisition marked the start of a
twenty-year trend of mergers, acquisitions,
and unique ventures; both in and outside of
insurance.
Insurance expansion remained on the radar,
with a total of ten mergers or acquisitions
as of today. This growth resulted in the
opening of seven additional offices for a
current total of nine. In addition, FAPCO
became a sales and servicing agency for
credit unions and their members’ insurance
needs and entered into a unique partnership
with a professional employment leasing firm. people! As Chairman of the Board Bob
Anderson says, “The continued progressive
success of the F. A. Peabody Company
can be primarily attributed to the people
who throughout the company’s history
successfully met, and continue to meet, the
challenges of the times through dedication,
loyalty, pride in their work, and above all,
commitment to providing excellent service.”
THE FUTURE IS NOW
With the growth of the company in full
swing throughout the 90’s, Christopher
became involved in most aspects of
running the operations including human
resources and sales management. By 1998,
Chris was elected president while Bob
assumed the chief financial officer role and
concentrated on corporate management
and new development. By reorganizing its
top leadership, FAPCO was ready to tackle
the upcoming challenges of further business
expansion. The history of F. A. Peabody is ongoing, and
much is left to be written. +
By the late 1990s, it was apparent that the
lack of telecommunication connectivity
plagued northern Maine and those
businesses needing to access high-speed
networks. The World Wide Web was in
strong demand, and for an insurance
operation with disparate offices spanning
150 miles in the far reaches of rural
Northern Maine, it was important to create
an affordable computer network. At that
time, Chris and FAPCO’s Vice President
of Information Technology, Tim McAfee,
studied the issue intensely. They turned the
problem into a business opportunity, and
in 2001, Pioneer Wireless Network was born,
delivering high-speed Internet wirelessly
throughout the territory. (See Pioneer
Broadband, page 30).
From one room in the Houlton Trust
Building to a 6,000 square foot main office
with eight branch offices; from a staff of
two to ninety two; from a small, mono-line
agency to a multi-line insurance broker,
3rd party administration and Internet
broadband services throughout Maine;
from a handful of accounts to over 17,000
insurance customers, 4,000 internet
subscribers and a statewide presence in
3rd party administration…the story of F. A.
Peabody is a story of growth
FAPCO Houlton Office Prior to Conversion, ca. 1961
FAPCO Office - 1977
Robert Anderson accepts Lifetime Achievement Award
The F. A. Peabody Company history is not
primarily one of facts and figures but of
F.A. Peabody Market Square Office