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T. F. Ward Insurance Agency Acquires Pine Insurance Agency Assets

February 6, 2018 by Owen Gallagher

On Friday, February 2, 2018, the T. F. Ward Insurance Agency, Inc. announced it had purchased the assets of its cluster partner, the Pine Insurance Agency, Inc.

Agency Checklists, MA Insurance News, Mass. Insurance News, Mass. insurance agency sales 2018, MA insurance agency acquisitions 2018, Melrose Insurance Group, T.F. Ward Insurance Agency, Massagent news, insurance agencies melrose

Earl Martin, on left, owner of Pine Insurance seals the deal for the sale of the agency’s assets to Tom Ward’s Agency, T. F. Ward Insurance. Mr. Ward is on the right

Tom Ward, the owner of T. F. Ward Insurance said that he and Earl Martin, the owner of Pine Insurance Agency, had had their agencies as a cluster for over twenty years.

Cluster idea started with agencies located across the street from each other

The two Melrose agencies started their association in the mid-’90s, Mr. Ward said. “We were both located on West Foster Street. Earl’s agency was right across from my agency and Earl proposed the idea of combining.”

In 1995, when a bank building came on the market, Mr. Ward bought the building located at 403 Franklin Street in Melrose. Mr. Ward and Mr. Martin then formed a new corporation, Melrose Insurance Group Agency, Inc. to operate as a cluster vehicle for their two agencies.

Combining writings and expenses benefited both agencies

Once the Melrose Insurance Group became licensed as an insurance agency, Ward Insurance and Pine Insurance consolidated their agency agreements in the Melrose Insurance Group to increase their premium volume and potential profit-sharing from their agency agreements. Also, the agencies shared their operating expenses and agency management systems. “ This cluster worked out great for both agencies. Earl’s business was 75% commercial and 25% personal, my agency’s business was the reverse: 75% personal and 25% commercial,” Mr. Ward stated. “When Earl wanted to slow down and come in just two or three days a week, there was no problem at all in transitioning his agency to become a part of Ward Insurance.”

Mr. Martin has worked in insurance for forty-seven years

Agency Checklists, MA Insurance News, Mass. Insurance News, Mass. insurance agency sales 2018, MA insurance agency acquisitions 2018, Melrose Insurance Group, T.F. Ward Insurance Agency, Massagent news, insurance agencies melrose

A rendering of the offices of the Melrose Insurance Group.

Earl Martin started in the insurance business in 1970 working for Liberty Mutual. In 1973 he went to work for Inland Underwriters in downtown Boston and stayed for two years. In 1975, he opened his own agency in Boston focused on commercial insurance accounts. Later he moved his agency to Melrose and eventually clustered his agency with Ward Insurance.

Ward Agency started and stayed in Mr. Ward’s home town

Tom Ward was born and raised in Melrose. He started in the insurance business in 1978, as a sales representative for American Mutual. Two years later, he quit his sales job and started his own agency in the back of a real estate office, located in Melrose Center, owned by a family friend. As his business grew through referrals, he outgrew this space and bought a home that had proper zoning to convert to office space for his expanding insurance agency. In 1995, Ward Insurance further expanded its office footprint by buying larger office space for itself and its cluster partner, Pine Insurance.

Representation on purchase and sale

On the purchase and sale, T. F. Ward Insurance Agency, Inc. was represented by Attorney Owen Gallagher, of ForbesGallagher, Publisher of Agency Checklists, and the Pine Insurance Agency was represented by Attorney Robert D. Harb, of Haverhill.

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Filed Under: Agency News, MA Agency Acquisitions Tagged With: latest insurance agency sales mass, MA insurance agency sales 2018, ma insurance news, mass insurance agents, Mass. insurance agents in Melrose, Mass. Insurance News, massagent news, Melrose insurance agencies, Melrose Insurance Group, Pine Insurance Agency, T.F. Ward Insurance Agency

About Owen Gallagher

Owen Gallagher is an experienced insurance litigator as well as a certified mediator and arbitrator who specializes in insurance industry disputes. His interest and affinity for insurance began at a young age working the counter at his father’s assigned risk agency in Roxbury. Over the course of his career, Owen has argued a number of cases in the Massachusetts Supreme Judicial Court and has helped agents, insurance companies, and lawmakers alike with the complexities and idiosyncrasies of insurance law in the Commonwealth.  Owen can be reached here.

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February 18
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AIC37, Managing Bodily Injury Claims with Michael Kelley, AIC

February 20 @ 4:30 PM - 6:30 PM
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Exploring The Journey of Black and Latino Professionals in Insurance

February 25 @ 5:00 PM - 7:00 PM
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Article Comments & Updates

  • Mark Do producers have access to the database to see if a risk is ineligible? Feb 12, 5:03 PM
  • Mick McNabb The business model of acquiring agencies and then letting them run themselves the way they always have, seems to be a common one with the current community of PE acquirers. What I find interesting is that this decentralized model is not particularly sustainable long term... Feb 08, 3:20 PM
  • Michael B. Ryan, CPA I think the most important point in this article is determining what the best fit is for your agency. Every owner has different expectations as to how they would like to transition from their agency, identifying the right buyer is a very difficult. There are... Feb 05, 11:17 AM
  • Kevin Giovanucci For the past 3 years Acrisure has been at the top of the Acquisition List and as an Acrisure Partner Agency for the past three years I can understand why. They acquire great agencies and then continue to let them run those agencies the way... Feb 05, 10:11 AM

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