UPDATE: Thank you to Cross Insurance and the Risman Family of Insurance Agencies for sending us four additional insurance agency merger and acquisitions announcements that occurred in 2020 and were omitted from last week’s list. For those interested in viewing those acquisitions they are denoted by the *sign.
The data breakdown also has been updated to include these additional sales.
A look back at all the agency purchase and sales during 2020
As Agency Checklists has done for every quarter for the past few years, the following is a running list of the agency acquisitions reported or announced for the 4th quarter of 2020 and 2020 in total. For comparison purposes, the listing also includes those insurance agency mergers and acquisitions Agency Checklists compiled in 2019. Since not every purchase and sale is announced, however, please note this may not include transactions not reported or announced publicly.
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 over the past decade, it is worth noting that the majority of purchases and sales have been between agencies owned and operated in Massachusetts. It also important to add that the rate of Mergers & Acquisitions in Massachusetts will undoubtedly change for the remaining quarters of this year as a result of the COVID-19 pandemic.
Our proprietary list of purchases and sales of Massachusetts insurance agencies
Based on our data for 2020, insurance agency acquisitions in Massachusetts were as follows:
- There were a total of twenty-nine (33) reported M&A transactions in Massachusetts during 2020.
- The busiest quarter for acquisitions during 2020 was Q1-2020 with a total of 11 transactions.
- July was the busiest month of 2020 with five (5) agency acquisitions announced.
- The following is a run-down of total transactions for each quarter of 2020:
- Q1-2020: 11 transactions
- Q2-2020: 5 transactions
- Q3-2020: 8 transactions
- Q4-2020: 9 transactions
Massachusetts agencies sold in 2020
The following is a list of the transactions featured in Agency Checklists during 2020, followed by our list from 2019. 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 2020 (Q1)
Risman Insurance Acquires MassPay Insurance Agency*
February 2020 (Q1)
March 2020 (Q1)
April 2020 (Q2)
No Acquisitions Announced This Month
May 2020 (Q2)
June 2020 (Q2)
Massachusetts agencies sold in 2019 – Updated in 2020
January 2019 (Q1)
February 2019 (Q1)
March 2019 (Q1)
Cross Insurance Acquires The Quincy Insurance Agency (added in 2020)
April 2019 (Q1)
No reported transactions
May 2019 (Q2)
June 2019 (Q2)
Cross Insurance Acquires The Gerald T. McCarthy Insurance Agency (added in 2020)
July 2019 (Q2)
August 2019 (Q3)
September 2019 (Q3)
October 2019 (Q4)
No reported transactions
November 2019 (Q4)
Cross Insurance Acquires Fair and Yeager Insurance Agency (added in 2020)