RUMFORD — Within the next three weeks, Mark Cote will move his Rumford business — Advantage Insurance Services at 144 Congress St. — a little farther up the street.
Earlier this month, Cote, 44, bought the Aube-McInnes Insurance Agency Inc. at 160 Congress St. from longtime insurance agent and owner Michael C. Aube.
No jobs at Aube or Advantage will be lost in the transition, Cote said.
Aube, 61, announced his retirement after serving his customers for more than 40 years, Cote said in a Monday report.
“It was a natural transition to purchase the agency from Mike,” said Cote, who has long tried to buy his competitor out. “We have similar philosophies. Between the companies he was able to offer and the ones we have, we can find coverage for just about anything.”
Cote became an agent for MetLife in 1991. Four years later, as an independent agent, he became the first member of the Weber Insurance Group and opened Advantage Insurance Services.
In 2006, Cote bought the Farmington and Kingfield offices of Weber Insurance. He is also an owner of Weber Insurance Group LLC, with 17 locations and growing.
The Aube-McInnes Insurance Agency was founded in 1912 by Harold McInnes, which makes it the oldest agency in the Rumford area, according to a special edition of the Rumford Falls Times dated June 10, 1948.
Cote said it has operated at 160 Congress St. since 1960.
According to Cote’s report, Aube, as a young boy, polished the floors of the agency for his father, who was then the owner. Aube’s mother also worked there as a bookkeeper. Cote said Aube began his actual insurance career in 1970 when he graduated from Holy Cross College. Aube, who also has a master’s degree in business education from Husson University in Bangor, eventually bought the business.
Talking in the report about Cote, Michael Aube said, “I want a local independent agent who I am able to trust handling my customers.”
“I also wanted someone who would take good care of my employees, Paula and Kelly,” Aube said. “I expect a seamless transition. I will continue working for a few months and, even when I’m fully retired, I will be available to speak to my customers any time.”
“Mike has been a great competitor over the years,” Cote said.
“He is honest and he really cares about his customers. It will be hard to fill his shoes, but I promised him I’d do my best. I wish Mike a long, wonderful retirement. He certainly deserves it.”
Cote said Tuesday that between his three employees and Aube’s two, they have a combined 48 years worth of experience.
He said he knows that he’s taking a chance by expanding his business during a recession that’s showing few signs of recovery. With the struggling economy, people have changed deductibles and have opted not to insure recreational vehicles such as snowmobiles.
“This is the next level of expansion, so basically my expansion goals are on track,” Cote said.
“It’s a chance that the market will stabilize and I hope people will buy more things that need to be insured. The best thing about Mike Aube’s business is that he’s been there so long. It was insurance done right. People have been insured properly.”
Cote, who owns the Advantage Insurance Agency building at 144 Congress St., said he will rent that after moving into Aube’s building.
For more information, call Cote at 364-8293 and 364-3741 or visit www.advantageinsuranceservices.net.
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- Michael C. Aube, 61, the owner of Aube-McInnes Insurance Agency Inc. at 160 Congress St. in Rumford, retired earlier this month, selling the business Sept. 1 to competitor Mark Cote, who owns Advantage Insurance Services, at 144 Congress St.
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