Houlton, Maine – The F. A. Peabody Company (FAPCO) announces the acquisition of the Millinocket Insurance Agency (MIA) of Millinocket, Maine. MIA roots date back to 1910 when Frank H. Speed and his wife, Lena, started selling fire insurance policies in addition to also selling wallpaper, magazines, books and pharmaceuticals out of a small brick office which still exists today on 204 Penobscot Avenue in Millinocket. The location was also used by the Speeds as the town library, a nurse’s office, an employment agency to help the Great Northern find mill workers, and finally, a real estate brokerage. The agency perpetuated under the hard-working guidance of Speed’s son, Robert, and most recently with Robert’s sons today: Bob and Frank Speed. With no family perpetuation apparent, Bob and Frank looked for another locally owned family-run firm to continue the tradition upon their retirement. Bob Speed states; “We were looking for an agency with good values and ethics stiving to maintain a local connection to the clients and the community. We feel the F. A. Peabody Company meets the criteria.”
The F. A. Peabody Company entered the Katahdin Region in 2001 with the purchase of the Staples Agency of Lincoln, Maine, followed by the H. E. Reed Agency of Millinocket in 2022 and the Katahdin Gateway Insurance in 2023 building upon its commitment to the Katahdin area. “The addition of the Millinocket Insurance Agency strengthens our position and commitment to the great Katahdin region. We strive to be a positive influence to the community we serve and a leader in the insurance commerce of the area,” exclaims Christopher Anderson, president of FAPCO. He states further, “Our strategy is simple; to provide quality insurance advice, products and service with honesty and integrity at a fair price.” The F. A. Peabody Insurance office is now located at 4 Hill Street in Millinocket.
FAPCO was founded by Frank Allen Peabody in 1927 in Houlton, Maine selling auto, home, business, and farm insurance. Today, FAPCO employs over ninety people and writes all lines of insurance including life, health, bonding and workers compensation statewide, from 14 locations and online, through over thirty admitted and non-admitted insurers. The company also owns and operates FAPCO Administrative Services, a third-party administrator servicing mortuary trust and municipal capital accounts and Pioneer Broadband, an internet service provider delivering high-speed internet services to rural Maine communities.
View the Speed family’s statement to customers.
