The insurance arm of SalemFive Bank expands its presence on the North Shore with its latest acquisition
Salem Five Insurance continues to expand its geographic footprint on the North Shore with the announcement of its latest acquisition – the A. James Lynch Insurance Agency Inc. Founded in 1952, the independent insurance agency has operated for more than five decades in Lynn and is considered one of the area’s most respected insurance agencies.
“We have always put our customers and our employees first,” Agency President Maura P. Lynch noted. “We know Salem Five shares these values and will help make sure that our customers and employees are taken care of as they have always been.”
“The partnership will provide A. James Lynch customers with more choice while maintaining the same great service that they have always enjoyed,” explained Andrew Drayer, SVP of Strategic Growth for Salem Five Insurance. Salem Five Insurance has more than 60 employees in six locations, and partners with dozens of carriers to meet the specific personal and business needs of its customers.
“We look forward to serving A.J. Lynch 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.
This is the second agency acquisition for Salem Five Insurance so far this year. Our readers may remember that the company acquired Norwood’s Ambrose & Grant Insurance Agency back in April.
Salem Five’s plans for Massachusetts
With its strategic appointment of Andrew Drayer as SVP of Strategic Growth at the start of 2021, Salem Five signalled a new plan to increase its plan to increase its presence throughout Massachusetts. In addition to focusing on the acquisition of independent insurance agencies in Massachusetts, Salem Five also has focused on building out its insurance executive team with the addition of a new SVP/Director of Insurance Operations, as well as a VP/Director of Analytics. For those interested in learning more about Salem Five Insurance’s plans, please refer to our January 2021 interview with Mr. Drayer, “A Q&A With Andrew Drayer: Salem Five Insurance’s New Senior VP For Agency Acquisitions And Strategic Growth.“
More 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.