February 21, 2019 Update
Two additional agency acquisitions Eastern Insurance made in June and July of this year have been added to our list. Thank you to Eastern Insurance for getting in touch with us to help keep our list as up-to-date and accurate as possible.
As always, if you know of any other agency acquisitions in Massachusetts during either 2018 or 2019, that should be listed here, please click on the link to the right.
A look mergers and acquisition activity in Massachusetts
As Agency Checklists has done for every quarter for the past few years, the following is a listing of the agency acquisitions have been reported or announced over the course of 2018. Since not every purchase and sale is announced, however, please note this may not include transactions not reported or announced publicly.
Taking stock of the past year, it is easy to note that what is happening in Massachusetts mirrors what is happening nationally. Consolidation of the Massachusetts marketplace continued during the past year at a brisk clip. Overall, our list shows that 30 agencies were sold or merged in the Commonwealth during 2018.
Unlike the national trends, however, the majority of purchases and sales have been between agencies owned and operated in Massachusetts. For example, while Acrisure led the nations in purchases in 2018, did not have any major acquisitions in Massachusetts in 2018. Locally-owned and operated Kaplansky Insurance, however, continued to increase its geographic footprint across the state with four acquisitions last year. Boston-based Risk Strategies had two acquisitions in 2018, while The Hilb Group, a portfolio company of Boston-based Aubry Partners and Hub also announced two acquisitions. Surprisingly, both Eastern Insurance and Salem Five only had one major acquisition announcement each in 2018.
In a clear sign of the graying of the insurance industry, some long-time independent insurance agencies also were acquired this year, underlying the often difficult transition a family-owned agency must make when younger generations are not continuing on in the family business. As many older family-owned independent agencies fail to lure in younger generations to take over the reins, it is likely that a continued uptick of purchases and sales will continue in Massachusetts in 2019.
Our proprietary list of purchases and sales of Massachusetts agencies in 2018
If you know of a sale of insurance agency not listed here, please feel free to let us know by contacting us here.
January 2018 (Q1)
Eastern Insurance Group Acquires The Southeastern Insurance Agency, Inc.
WTPhelan Acquires Waltham Insurance Agencies (Bateman Insurance Agency)
Kaplansky Insurance Acquires The Anthony & Malcolm Agency
ICNE Welcomes The Eastman & Davis Insurance Agency
The Segal Group acquires Touchstone Consulting OneDigital Health and Benefits Acquires Insight Performance
February 2018 (Q1)
F. Ward Insurance Agency Acquires Pine Insurance Agency Assets
Alera Group acquires Aisling Partners Insurance Brokerage
Alera Group acquires Spring Consulting Group
One Digital Group acquires The Survey Group
March 2018 (Q1)
Salem Five Insurance Acquires Gloucester’s Cape Ann Insurance
Hub International Acquires The Assets Of Massachusetts-Based Leitao Insurance Agency Inc.
Hub International Acquires the Assets of Massachusetts’ Rubino Enterprises (TYG Insurance)
April 2018 (Q2)
No transactions reported
May 2018 (Q2)
Boston-based Roblin Insurance Acquired By Prime Risk Partners
Salem Five acquires the Fabri & Rourke Insurance Agency
Risk Strategies Acquires Corporate Benefit Audits (CBA)
June 2018 (Q2)
Kaplansky Insurance Acquires Massachusetts’ Kelleher & Mackey Agency
The Hilb Group Acquires BAR Insurance Brokerage of Needham
Webber & Grinnell Purchases Holyoke’s Ross Insurance
Eastern Insurance acquires the Walter Tennant Insurance Agency
July 2018 (Q3)
Kaplansky Acquires Its 30th Independent Insurance Agency in Massachusetts
Eastern Insurance Acquires Matthews Insurance
August 2018 (Q3)
FBInsure Acquires The Castelo Insurance Agency
The Gaudreau Group Acquired By USI Insurance Services
Brown & Brown of Kentucky, Inc. Acquires Massachusetts’ Finance & Insurance Resources
September 2018 (Q3)
Worldwide Facilities Acquires Boston-based Draco Insurance Solutions
October 2018
Rodman Insurance Agency Acquired By Brown & Brown
The Hilb Group Acquires Massachusetts DBR Group
November 2018
Arthur J. Gallagher Acquires Massachusetts’ Group Benefits Strategies
December 2018
Dadgar Insurance Acquired By Hub
The Hilb Group, LLC Adds Mackintire Insurance Agency, Inc.
And Then There Were 31: Kaplansky Insurance Acquires Burak Insurance
Are you thinking of buying or selling an agency?
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