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.”
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.
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.
