The Castelo Agency is an independent agency with three locations in Southern Mass.
FBinsure has announced its acquisition of the Jose S. Castelo Insurance Agency, a local independent agency based in southern Massachusetts. The acquisition, which was official as of July 2018, will see the Castelo Agency and its three locations in New Bedford, Dartmouth, and Fall River join the FBinsure team.
As part of the terms of the transaction, the current president and owner of the agency Jose Castelo, will continue on with a role at FBinsure in order to ensure a smooth transition for the agency’s former clients. In addition, FBinsure, only plans to implement minor changes within the agency for the time being which will mainly include updating technology and providing greater access to new companies.
“We wanted to ensure our clients would be able to work with the same people in the same offices and gain access to additional products and services that would benefit them. FBinsure was the right partner for our employees and our clients for today and the years to come,” stated Jose S. Castelo.
In commenting on the acquisition in the official company announcement, President and CEO, Russ Martorana said, “We are very excited to have the Castelo Insurance Agency join the FBinsure team. Castelo Insurance Agency is a well-known and highly respected brand in the greater New Bedford community. This decision further strengthens both our agencies, as well as FBinsure’s presence on the South Coast. We fully expect clients of both agencies to feel the positive impact in their future experiences here.”
The Castelo Agency served the South Coast for over three decades
Founded in 1981 by Jose S. Castelo, the Castelo Insurance Agency grew over the past three decades to operate out of three locations serving nearly 5,000 personal and business insurance clients. In addition to insurance, the agency also offered both real estate and mortgage services as well.
This is the fourth acquisition in the past four years for FBInsure
This is the fourth acquisition in four years for FBInsure. In 2014, the agency acquired the Gramlich Insurance Agency, also located in New Bedford. In 2015, it purchased the Henry L. Newbury Insurance Agency of North Attleboro, followed by the 2016 acquisition of the New Bedford-based Hardy & Ponte Agency.
FBInsures roots began in the early 1950s with Phil Farrell and Rudy Backlund, each independent insurance agents with their own agencies in Taunton and Rehoboth, respectively. In 1999, the two agencies merged to become the Farrell Backlund Insurance Agency, LLC. In 2008 the Anderson-Cushing Insurance Agency of Middleboro merged with Farrell Backlund, followed shortly by the East Freetown and Richardson-Cuddy Insurance Agency of Attleboro who merged with FBIA in 2011. In 2013, Farrell Backlund rebranded as FBInsure.
Both a Five-Star Agency as well as a 2014 Best Practices Insurance Agency, the independent agency now boast more than 20,000 total clients represented by 67 different carriers in its eleven office locations throughout Bristol and Plymouth Counties, with offices in Taunton, Attleboro, Middleboro, Dighton, Rehoboth, East Freetown, and New Bedford.