Customers receive expanded offerings as Salem Five Insurance expands south of Boston
Salem Five Insurance, a subsidiary of Salem Five Bancorp, announced today that it is acquiring the Ambrose & Grant Insurance Agency. Based in Norwood, Ambrose & Grant was founded in 1989 and has grown into one of its areas most respected insurance agencies during its more than three decades serving it customers..
“We have always wanted our customers to have the best protection at the best value, while ensuring that doing business with us is as easy as possible,” Grant said. “Salem Five shares these values and will help us make sure that they have the same great experience well into the future.”
The new partnership with Salem Five will provide Ambrose & Grant’s customers a broader array of financial services products, according to agency President George Grant. As part of the terms of the transaction, Ambrose & Grant’s employees Deborah Dineen and Kelly Meyers will join Salem Five upon completion of the transaction and will continue to work from the same office location, which Salem Five will now operate.
Salem Five’s expands its geographic footprint south of Boston
Based in Woburn, Salem Five Insurance has more than 60 employees and partnerships with an array of traditional and specialty underwriters.
Though it has customers across eastern Massachusetts, Salem Five Insurance’s partnership with Ambrose & Grant represents the first time it will have an office south of Boston, which will help serve its growing personal and commercial lines customer base. Salem Five Insurance also has offices in Lexington, Gloucester and Georgetown.
“We look forward to serving Ambrose & Grant’s customers and continuing to provide them with the quality service that they have come to expect from their insurance agency,” said Gerard “Jay” Boyle, President of Salem Five Insurance.
The acquisition also is part of the company’s overall growth plans that Salem Five’s new Senior VP for Agency Acquisitions and Strategic Growth, Andrew Drayer, outlined earlier this year in an interview with Agency Checklists, which can be accessed here: “A Q&A With Andrew Drayer: Salem Five Insurance’s New Senior VP For Agency Acquisitions And Strategic Growth.”
About Salem Five Insurance and Salem Five Bancorp
Salem Five Insurance is a subsidiary of Salem Five Bancorp, which is also the holding company of Salem Five (www.salemfive.com), a mutual bank founded in 1855.
With almost $6 billion in assets and 35 retail branches in Essex, Middlesex, Norfolk and Suffolk counties, Salem Five divisions include Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Investment Services which offers financial and retirement income planning, portfolio review and money management; Salem Five Wealth Management & Trust offering fiduciary wealth management services to institutions and high-net-worth individuals, and Salem Five Insurance Services, which provides personal and commercial insurance.