A re-cap of all the M&A Activity in the Massachusetts insurance industry in 2019
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 2019. For comparison purposes, we decided to add it to the list of acquisitions that we compiled for 2018 as well. 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
Based on our date compiled throughout 2019, agency acquisitions in Massachusetts continued at a swift pace with a total of 25 transactions reported in the past year. The following are some other insights:
- There were a total of 25 reported M&A transactions in Massachusetts in 2019.
- This is eight less than the amount in 2018, which saw a total of 33 M&A transactions reported.
- The second quarter of 2019 (Q2-2019) saw the most transactions reported with 10 separate announcements made during this time period.
- After Q2-2019, Q1-2019 has the second most reported transactions with six announced, followed by Q4-2019 with five, and Q3-2019 with four.
While 2019 was a slower year for agency purchases and sales, as compared to 2018, it is too early to predict what 2020 holds with respect to M&A activity here in the Commonwealth. It is interesting to note, however, that there have already been two Massachusetts insurance agency acquisitions announced as of January 1st.
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
August 2019 (Q3)
HUB New England Acquires The Insurance Center of New England
Brown & Brown of Massachusetts Acquires Boston’s Yozell Associates
September 2019 (Q3)
The John C. Gallagher Insurance Agency Joins Kaplansky Insurance
The Hilb Group, LLC Acquires Massachusetts-based, The Incentive Group, LLC
October 2019 (Q4)
No reported transactions
November 2019 (Q4)
The Hilb Group Is Sold To The Carlyle Group
The Hilb Group Acquires Southborough-based G&N Insurance
Brown & Brown Of Massachusetts Acquires Poole Professional Cos.
December 2019 (Q4)
Another Massachusetts Insurance Producer Joins The Hilb Group
Alera Group Acquires Massachusetts’s Sylvia Group
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).
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