A look at the latest 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 during the First Quarter of 2019. For comparison purposes, we decided to add it to the list of acquisitions that we compiled for 2018. Since not every purchase and sale is announced, however, please note this may not include transactions not reported or announced publicly. For example, thanks to reader input, the 2018 list included approximately four more sales that had not been officially announced.
The purpose of this list is to help our readers take stock of the consolidation of the marketplace within Massachusetts versus what is happening nationally. 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, it had only one unannounced acquisition in Massachusetts in December of 2018.
Our proprietary list of purchases and sales of Massachusetts agencies in 2019
Based on official announcements, the second quarter of 2019 showed a marked increase in agency acquisitions with approximately 10 purchase and sales in Massachusetts and reported by Agency Checklists during the Second Quarter or 2019, or during the months of May, June, and July. This brings the grand total to 16 agencies that have been sold this year. Nationally, 177 agency mergers and acquisitions were noted during Q2-2019, bring the half-year total to 328 transactions.
The following is a list of the transactions featured in Agency Checklists during 2019, followed by our list from 2018. As always, if you know of a sale of insurance agency not listed here, please help us keep this list as accurate as possible by letting us know here.
January 2019 (Q1)
Make It 32 – Kaplansky Insurance Acquires The KW Insurance Agency
Ryan Specialty Group, LLC To Acquire Boston Insurance Specialists
February 2019 (Q1)
FBinsure Acquires The Reid-Hofmann Insurance Agency
C&S Insurance Announces The Acquisition Of The Francis M Walley Insurance Agency, Inc.
March 2019 (Q1)
WTPhelan Acquires The Robert J. Cappadona Insurance Agency
The Hilb Group Acquires Another Massachusetts Insurance Agency, It’s First Of 2019
April 2019 (Q1)
No reported transactions
May 2019 (Q2)
Rogers & Gray’s Acquires The Paul Peters Agency of Falmouth & Mashpee
June 2019 (Q2)
Risk Strategies Acquires MainStreet Consulting Group
New England-based 360 Corporate Benefit Advisors Bought By The Hilb Group
Boston-based Risk Strategies Acquires Creative Insurance Solutions
Twinbrook Acquired By Brown & Brown of Massachusetts
July 2019 (Q2)
Risk Strategies Acquires California’s Winter Group, Inc.
T. Edmund Garrity Acquires The Willard Martin Agency
Risk Strategies Acquires Gerard B. Tracy Associates
The Hilb Group Acquires Massachusetts’ Agency Handy-Apple Valley, LLC
Boston-based Risk Strategies Buys New York Brokerage Firm Reiff & Associates
Massachusetts agencies sold in 2018
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
DeSanctis Insurance of Woburn, MA was acquired by Acrisure (thank you to one of our readers who updated us on this acquisition).
Are you thinking of buying or selling an agency?
Our checklists may help. For example, you could start with our checklist on Purchasing A Massachusetts Insurance Agency. Another good place to start is Agency Checklists’ Why, When, & How An Agent Should Use A Business Broker, which is sponsored by Insurance Agency Consulting Services, LLC. Or maybe, Selling Your Massachusetts Insurance Agency, sponsored by Donovan, Sullivan & Ryan is what you need to read first. If you would like to see a list of all Agency Checklists’ current checklists, start here.
Or, if you are farther along in the process or need further insights or information, email us directly using this form. The contact us messages come directly to us.
