Patriot Growth Insurance Services, LLC has added another independent insurance agency to its roster. The national insurance agency has welcomed the addition of Paul B. Sullivan Insurance Agency.
Founded in 1956, Paul B. Sullivan Insurance has served the communities of Southeastern New England for over five decades. The full-service agency is currently led by President Ed Sullivan and has grown to serve nearly 6,000 clients from its two locations in Fall River and Wareham.
“We wanted to ensure our clients could continue to work with the same people they have trusted for years, while gaining access to additional beneficial products and services. This was the right partnership for our clients and employees, and the benefits will be felt for years to come,” stated Ed Sullivan.
Paul B. Sullivan will join Patriot’s FBInsurance platform.
According to the terms of the transaction, the Paul B. Sullivan Agency will join Patriot’s FBinsure (FB) platform, allowing it to significantly expand Patriot’s P&C expertise and capabilities throughout Massachusetts and Rhode Island. Our readers may remember that in February 2021, Taunton-based FBInsure became Patriot Growth Insurance’s first New England Agency Partner and the foundation for its growth in New England.
The addition of the Sullivan agency marks the 11th agency acquisition for FBInsure since 2008 and the second acquisition for the platform since partnering with Exchange Insurance Agency of Charlestown last year. FBinsure now consists of eleven total locations throughout Bristol and Plymouth Counties, including their primary office in Taunton and additional locations in Attleboro, Middleboro, Dighton, Rehoboth, East Freetown, New Bedford, and Dartmouth.
In commenting on his platform’s latest agency addition, Russ Martorana, President and CEO of FBinsure, said “We are beyond excited to have the Paul B. Sullivan Insurance Agency join the FBinsure and Patriot family. We have known each other locally for many years and are thrilled that they have chosen us and Patriot to propel their agency forward. This partnership further strengthens our expertise and presence on the south coast of Massachusetts.”
“We are thrilled to continue to grow the FBinsure platform with the addition of the Paul B. Sullivan partnership,” added Matt Gardner, Patriot’s Founder and CEO. Patriot looks forward to providing resources, support, capital, and supplemental leadership to enhance the products and client services for this fast-growing agency.”
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.
As Mr. Gardner previously explained in an earlier acquisition announcement, 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.”
Three years of impressive growth by Patriot
Founded in 2019, Patriot Growth Insurance Services has had dramatic growth since its formation. The company is funded by Summit Partners, a Boston-based growth equity firm, offering it the ability to grow exponentially over the past few years. As a result, Patriot already is ranked as the 53rd largest insurance broker in the U.S. by Business Insurance.
