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You are here: Home / Insurance News | Massachusetts / Insurance Agencies | Mergers & Acquisitions / The Risman Insurance Agencies acquire the T.F. Ward Insurance Agency of Melrose

The Risman Insurance Agencies acquire the T.F. Ward Insurance Agency of Melrose

February 4, 2020 by Owen Gallagher

The Risman Insurance Agencies have purchased the assets of the T.F. Ward Insurance Agency, Inc. and its affiliated agency, the Melrose Insurance Group Agency, Inc.

In announcing the acquisition, Henry S. Risman, the President of the Risman Agencies, said, “We are extremely proud to have the T.F. Ward Agency join the Risman family of agencies and are especially happy that Tom and his team will continue with us going forward.”

Picture of Henry Risman, President of the Risman Agencies and Thomas Ward, Owner of the T.F. Ward Insurance Agency shaking hands after signing the sale documents completing the acquisition of the Ward Agency by the Risman Agencies.
Henry Risman, President of the Risman Agencies and Thomas Ward, Owner of the T.F. Ward Insurance Agency after completing the acquisition

The Ward Agency has served Melrose and its surrounding communities for forty years

Tom Ward started the T.F. Ward Agency in 1980, working out of a family friend’s real estate office in Melrose Center. The agency quickly grew through referrals and moved to larger quarters on West Forest Street in Melrose after Mr. Ward bought a house and turned it into the agency’s office.

 In 1995, the agency moved again to its present location when Mr. Ward purchased with two other partners a former bank building at 403 Main Street.

The Ward Agency was part of a cluster until 2018

In its new quarters, the agency occupied the bulk of the building with a cluster partner, the Pine Insurance Agency. The cluster, Melrose Insurance Group Agency, Inc., pooled the insurance business of the Ward Agency and the Pine Agency to better access markets and increase profit sharing.

In 2018, the Ward Agency acquired the Pine Agency’s assets and sole ownership of the Melrose Insurance Group. See Agency Checklists’ article of  February 6, 2018, “T. F. Ward Insurance Agency Acquires Pine Insurance Agency Assets.”

The Risman Agencies will continue the Ward Agency’s Melrose presence

Following the acquisition, the Risman Agencies will maintain the Ward Agency’s present location. Mr. Ward and his staff will join the Risman Agencies and continue to work at their present location.   

Picture of the 403 Franklin Street building housing the Ward Insurance Agency purchased by the Risman Insurance Agency.
402 Franklin Street, the Risman Agency’s new Melrose location

About the Risman Insurance Agency

Founded in 1925, and with offices in Medford, Worcester, Dorchester, Tewksbury, North Reading, Danvers and now Melrose, the agency serves the insurance needs of individuals and businesses in Massachusetts and surrounding states. The agency holds licenses to place coverages for its insureds in twenty states, including all the New England states and Florida.  

The Risman Insurance Agency has high standards for integrity, insurance expertise, client service and financial performance as recognized by the accreditation of the Massachusetts Association of Insurance Agents (MAIA) in awarding the agency the exclusive “Five Star Agency Designation.” Only 32 of the estimated 1,800 independent insurance agencies in Massachusetts have earned this Five Star Award.

For more information on the Risman Insurance Agencies, click here.


Legal representation

In the acquisition, Attorney Sherry Vaughn of the law firm of Ferriter Scobbo & Rodophele represented the Risman Insurance Agencies and Attorney Owen Gallagher of ForbesGallagher, and publisher of Agency Checklists represented the T. F. Ward Insurance Agency.

Finally, for those interested in learning more about buying or selling and agency, don’t miss Agency Checklists’ own checklists on Selling Your Massachusetts insurance agency or Purchasing a Massachusetts insurance agency.

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Filed Under: Insurance Agencies | Mergers & Acquisitions

About Owen Gallagher

Owen Gallagher is an experienced insurance litigator as well as a certified mediator and arbitrator who specializes in insurance industry disputes. His interest and affinity for insurance began at a young age working the counter at his father’s assigned risk agency in Roxbury. Over the course of his career, Owen has argued a number of cases in the Massachusetts Supreme Judicial Court and has helped agents, insurance companies, and lawmakers alike with the complexities and idiosyncrasies of insurance law in the Commonwealth.  Owen can be reached here.

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