Like Tarpey Insurance, TSB Insurance Services is also based in Wakefield
On October 14, 2016 Wakefield-based Tarpey Insurance Group acquired the assets of TSB Insurance Services, Inc. (“TSB”). TSB, also based in Wakefield, is a subsidiary of The Savings Bank of Wakefield. The agency currently represents 13 standard market carriers offering both Commercial and Personal Lines insurance products to businesses and individuals.
“Tarpey Insurance is pleased to welcome the clients of TSB Insurance Services to our family of clients,” said Liz Tarpey-Kent, President of Tarpey Insurance Group in the official announcement. “We have known the management of TSB Insurance for many years and we look forward to continuing to provide the quality service that we know they have offered their clients. We are excited about this merger and the opportunity to work with the TSB Insurance customers”.
According to the terms of the transaction, upon completion of the acquisition, TSB Insurance will relocate to the Tarpey Insurance Group’s home office at 442 Water Street in Wakefield.
In commenting on the sale of TSB Insurance, Brian D. McCoubrey, President of The Savings Bank said the sale of TSB Insurance was to an agency long admired by the bank. “After fifteen years of providing property and casualty insurance, we are writing to report that today TSB Insurance Services has joined Tarpey Insurance Group. We have known the Tarpey family since long before we started operations. The Tarpey’s are now officially a three generation agency with their principal office on Water Street here in Wakefield – about a mile from our downtown location. Tarpey also has offices in Melrose, Saugus, Newton, and Lexington. They share our commitment to outstanding client service backed up by quality products. The insurance expertise at Tarpey dates back to their founding more than 50 years ago. Their goals and values are similar to those we share.”
This is the third agency acquisition for the Tarpey Insurance Group this year
In another continuing sign of the increasing consolidation of the Massachusetts insurance marketplace, the acqisition of TSB Insurance Services marks the third acquisition for the Tarpey Insurance Group in 2016. In January of this year, the family-owned agency acquired the assets of The Wilson Agency of Melrose, followed by the acquisition of the H.C. Huntress Insurance Agency also of Melrose in April.
Founded in 1979 by James J. Tarpey, Mr. Tarpey first began his insurance career over 50 years ago as an underwriter for Royal Insurance. In 1968 he joined the agency becoming the CEO in 1979. Mr. Tarpey, who still continues to lead the agency, has welcomed all five of his children, Mike, Liz, Jim, Mark and Stephen into the agency which now also includes the third generation of Tarpeys.
With its growth over the years, Michael P. Tarpey, CIC, LIA, Vice-President, now manages the Newton location with Elizabeth Kent, CPCU, CIC, AIA, CRM, LIA President of the agency, and in charge of overseeing the agency’s financial operations. James B. Tarpey, CIC, Vice-President manages the daily operations in Wakefield. Mark W Tarpey, CPCU, CIC, AIA, also located in the Wakefield office, is a Vice-President and Commercial Lines Sales Manager. Stephen E Tarpey, CPCU, CIC, is Vice-President managing the Saugus branch. The agency currently represents 13 standard market carriers offering Commercial and Personal Lines insurance products for both businesses and individuals.
Bill Tarpey, the oldest grandchild of Jim and the third generation of the Tarpey family to enter the ranks, oversees the management of the agency’s Melrose location.