This is the tenth-plus agency acquisition for the Philbin Insurance Group since its founding in 1989
Two Lynnfield-based independent insurance agencies unite. The Philbin Insurance Group, a local, family-owned, independent insurance agency has announced its acquisition of the Douglas Insurance Agency, another independent insurance agency based in the same town.
Established in 1964, the Douglas Insurance Agency has operated as a small, local, independent insurance agency located in Lynnfield for 57 years. Upon the sale of the agency, effective January 1, 2021, the company will merge into the Philbin Insurance Group. No further terms of the transaction were disclosed.
Growth through small, targeted acquisitions
A Five-Star Agency, the Philbin Insurance Group was founded in 1989 by Andrew T. Philbin. A former Allstate agent and Travelers claim adjuster, Mr. Philbin decided to start his own agency and become an independent agent in order to “…provide broader products and more competitive pricing to his clients.”
Over the past three decades the agency has grown now encompassing two locations with clients in Massachusetts, Maine, and New Hampshire. The agency continues to be family-run and is now headed by Mr. Philbin’s daughter, Tara Philbin who is the current CEO. Mr. Philbin’s son and Tara’s brother Andrew, concentrates on sales.
One of the hallmarks of The Philbin Insurance Group’s success has been its growth through acquisitions strategy. Through small, targeted acquisitions, the company has been able to build both its brand and geographic footprint in the North of Boston area. Since 1991, the company has been acquiring independent agencies consistently, with over ten acquisitions to its name. The addition of the Douglas Insurance Agency will help strengthen the Philbin Insurance Group’s presence in Lynnfield while allowing the agency to service and expand the offerings of its new insureds from the Douglas Insurance Agency.