Patriot Growth Insurance Services, LLC (“Patriot”) has announced that it has expanded its geographic presence by partnering with Taunton-based FBinsure.
Two years of impressive growth by Patriot
Patriot Growth Insurance Services has had dramatic growth since its formation in January 2019. Funded by Summit Partners, a Boston-based growth equity firm, Patriot has grown exponentially over the last two years. In its first year of operation, Patriot was ranked the 53rd largest insurance broker in the U.S. by Business Insurance and, for the coming year, expects to climb significantly higher in this ranking.
A Business model where agencies maintain their operational autonomy and name
Under Patriot’s business model, agencies partnering with Patriot maintain their local identity, culture, and autonomy while leveraging Patriot’s national resources to deliver high-quality customer service. The ideal acquisition partner candidates for Patriot are those who desire to continue to run their organizations on a day-to-day basis while preserving their brand and the agency’s legacy.
According to Mr. Gardner, Patriot strives to maintain the name and local brand recognition of its agencies.
“We think in the local markets…those agency names mean a lot and have a lot of brand equity, and a lot of times, the agency principals have their names on the door. That means a lot in their communities, so we believe strongly in retaining those local brands and those legacies.”
FBinsure, a family-run business with ten locations focused on Bristol County
FBinsure is a family-run, independent agency that offers a diverse set of property & casualty insurance products and risk management services throughout the Northeast. During its 70-year history, FBinsure has grown to serve clients across diverse industries, including construction, manufacturing, distribution, municipalities, non-profits, health services, financial institutions, and transportation.
To service its insurance clients, FBInsure has more than 100 employees in ten locations throughout Southeastern Massachusetts, including:
- East Freetown
- New Bedford
- New Bedford d/b/a Castelo Insurance
- Dartmouth d/b/a Castelo Insurance
- Taunton Federal Credit Union
In 2019, FBinsure was recognized as the 15th largest insurance broker in Massachusetts by the Boston Business Journal.
FBinsure’s team expected to stay and continue building the FBInsure brand
Under Patriot’s autonomous business model, FBinsure’s leadership team, Russ Martorana (President and CEO of FBinsure), Tom Rogers (Chief Growth Officer), Mark Cuddy (Principal, EVP), Nicole Martorana (Chief Operations Officer), and Greg Arnold (Chief Financial Officer) are expected to continue to operate FBInsure and focus on growth with the assistance of Patriot’s system and financial resources going forward.
Mr. Martorana summed up the new partnership with Patriot by saying:
“We are thrilled to have found a growth-oriented partner in Patriot, and we look forward to leveraging the platform’s national network and resources to deliver even more comprehensive products to our clients. Our partnership with Patriot will not only better serve our clients but will provide meaningful career development opportunities for our team as well.”
FBinsure to become the foundation for Patriots expansion into New England
Mr. Gardner was equally elated by the new relationship, stating, “Our partnership with FBinsure is the culmination of a two-year search to find the right team to serve as Patriot’s foundation in the critical New England marketplace.”
Contact information for Patriot Growth Insurance Services
Agency Checklists readers interested in learning more about Patriot and its opportunities can contact Steve Carroll, the Senior Vice President for Mergers and Acquisitions of Patriot Growth Partners, LLC, at (215) 600-1357, or email@example.com