Southcoast Insurance Group acquires Cardoso Insurance agency – Fall River Herald News
NEW BEDFORD – A staple in the Portuguese community of South End New Bedford for more than 35 years, the Cardoso Insurance Agency, Inc. was recently sold to the Southcoast Insurance Group due to the retirement of its founder José Cardoso.
Nick Daddona, the new owner, said he is looking forward to earning the trust of existing customers, while expanding the clientele base, increasing products and services offered and bringing the office’s technology up-to-date.
“It was kind of a win-win for both of us; he got out and my business is continuing to grow. We’re growing very fast as a company, and it was just a good opportunity for us,” said the 32-year-old entrepreneur, who worked for several national companies before taking over the Southcoast Insurance Group on State Road in Dartmouth.
Although he learned a great deal from working in the corporate world, Daddona said his company prides itself in providing that individualized service you can only get from a small business.
“We want to work with our clients on an individual level to find out what’s best for them,” he said. “No matter what your situation is or your goals are, my team and I will lay things out in a straightforward, easy-to-understand way, with your concerns, obstacles and goals as our first priority.”
While Cardoso Insurance had been primarily devoted to meeting the personal insurance needs of the community, Daddona said his team can help with commercial and life insurance as well as financial and retirement planning.
“On the insurance end, there isn’t anything we don’t cover,” he said. “We have spent years cultivating relationships with multiple companies to make sure our clients can get the coverage they want for the best price. We also do a lot of retirement planning, a lot of wealth accumulation, and life insurance planning.”
In the upcoming weeks, clients can expect to see some remodeling being done at the Cardoso Insurance office on Dartmouth Street as well as the introduction of some technology upgrades.
“The business was very old, sort of speak,” Daddona said. “It was paper copies… the way they did things was very slow for the client, where we are very fast with everything. The clients will be happy with how things will now get done and with our attention to detail.”
At the time of the sale, Cardozo Insurance was staffed by José Cardoso, his son and one employee.
“Cardoso thought that his son would eventually take over the business one day… And he didn’t. He wanted a career change and that was all part of this sale as well,” explained Daddona.
He pointed out that one of José Cardoso’s priorities was making sure his clientele would continue to be taken care of.
“Joe had been approached by a couple of other businesses and companies looking to buy the business, but he had never done anything,” said Daddona. “Then, he met me and I think it was an emotional thing for him. I’m a young guy. I have a young family and he kind of saw some of himself in me. So, that was kind of our agreement. I would run [the business] out of the same location and there wouldn’t be a big change for his clientele.”
Daddona said he not only intends to keep the Cardoso Insurance employee, but also hire two more staff members for the Southcoast Insurance Group.
“I will be bringing some of my staff over to the new location,” he said. “There’s a big Spanish community there, along with the Portuguese. I don’t speak Portuguese, but three of my staff members do. We have a Spanish speaking staff member. We’re looking forward to doing business with those communities.”
As for future plans, the goal is to continue to grow the company.
“We’ve been hugely successful and are building two of the fastest growing companies in the region,” Daddona said. “This is just the beginning for us as a company… There’s a big opportunity in insurance. Who knows where we’ll go next.”
