Southcoast Insurance Group acquires Cardoso Insurance agency
NEW BEDFORD – A staple of South End New Bedford’s Portuguese community for over 35 years, Cardoso Insurance Agency, Inc. was recently sold to Southcoast Insurance Group due to the retirement of its founder José Cardoso.
Nick Daddona, the new owner, said he was eager to earn the trust of existing customers, while expanding the customer base, increasing the products and services offered and updating office technology.
“It was kind of a win-win for both of us; it is out and my business continues to grow. We are growing very quickly as a business, and this was just a good opportunity for us,” said the 32-year-old entrepreneur, who worked for several national companies before taking over Southcoast Insurance Group on State Road in Dartmouth. .
Although he learned a lot working in the corporate world, Daddona said his company prides itself on providing that personal service that only a small business can provide.
“We want to work with our customers on an individual level to find out what works best for them,” he said. “No matter your situation or your goals, my team and I will present things in a straightforward, easy-to-understand way, with your concerns, obstacles, and goals as the first priority.”
While Cardoso Insurance had focused primarily on meeting the personal insurance needs of the community, Daddona said his team could help with commercial and life insurance as well as financial planning and of retirement.
“On the insurance side, there’s nothing we don’t cover,” he said. “We’ve spent years cultivating relationships with multiple companies to ensure our clients can get the coverage they want at the best price. We also do a lot of retirement planning, a lot of wealth accumulation and planning life insurance.
Over the next few weeks, customers can expect to see renovations to the Cardoso Insurance office on Dartmouth Street as well as the introduction of some technology upgrades.
“The business was very old, sort of,” Daddona said. “It was hard copies…the way they did things was very slow for the customer where we are very quick with everything. Customers will be happy with the way things are going now and our concern for detail.
At the time of the sale, Cardozo Insurance consisted of José Cardoso, his son and an employee.
“Cardoso thought his son would eventually take over the business one day… And he didn’t. He wanted to change careers and that was part of that sale as well,” Daddona explained.
He stressed that one of José Cardoso’s priorities was to ensure that his clientele would continue to be taken care of.
“Joe had been approached by a few other businesses and corporations looking to buy the business, but he never did anything,” Daddona said. “Then he met me and I think it was an emotional thing for him. I’m a young man. I have a young family and he kind of saw a part of himself in me. So that was kind of our deal. I would run [the business] from the same place and there would be no big change for his clientele.
Daddona said he not only intended to keep the employee from Cardoso Insurance, but also to hire two other staff members for the Southcoast Insurance Group.
“I will bring some of my staff to the new location,” he said. “There is a large Spanish community there, along with the Portuguese. I don’t speak Portuguese, but three of my colleagues do. We have a Spanish speaking staff member. We look forward to doing business with these communities.
As for future plans, the goal is to continue to grow the business.
“We have had tremendous success and are building two of the fastest growing businesses in the region,” Daddona said. “This is just the beginning for us as a business… There is a big opportunity in insurance. Who knows where we will go next.