The acquisition officially took place at the end of 2018
Taunton-based FBinsure has announced the acquisition of Reid-Hofmann Insurance.
In commenting on the latest transaction for the agency, Russ Martorana, President and CEO of FBInsure said, “We are thrilled with the opportunity to have Reid-Hofmann Insurance join the FBinsure team. We are particularly excited that Adam Hofmann will not only play an important role in client and staff transition, but will be staying on to work with our leadership and sales teams to facilitate further Agency growth. We look forward to sharing in the Reid-Hofmann culture of fun, education, and transparency in serving our collective clients and communities.”
With two locations in West Bridgewater and Mashpee, the third generation family-owned agency dates back to 1926 with the creation of the Alvin Reid Insurance Agency in Hanson. In 1963, Robert C. Hofmann joined the agency, leading to its evolution into the Reid-Hofmann Insurance. With strategic locations in Southern Massachusetts and nearly 3,000 clients, the acquisition will strengthen and expand FBinsure’s geographic footprint.
As part of the terms of the transaction, Reid-Hofmann’s current president, Adam Hofmann, will continue on in a sales executive role within the agency, ensuring a smooth transition for both his employees and insureds.
I’m excited about this opportunity – for me, my family, and for my clients. Becoming part of FBinsure will allow us to build on the great service we have always striven to provide to our clients – and bring added value to all of our insurance programs. New insurance markets, new additional locations – all coupled with the same locations and people our clients have come to know – this is a true benefit for everyone. I can’t wait for what 2019 [and beyond] has in store for all of us,” stated Adam Hofmann. Early changes to the agency will be minimal, largely aimed at providing greater access to new companies.
This is the fifth acquisition in the past five years for FBinsure
This is the fifth acquisition in five 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. In September 2018, FBinsure made its fourth acquisition in as many years with the addition of the Castelo 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 thirteen office locations throughout Bristol and Plymouth Counties, with offices in Taunton, Attleboro, Middleboro, Dighton, Rehoboth, East Freetown, and New Bedford, South Dartmouth, Fall River, and now West Bridgewater and Mashpee.
