Customers receive expanded offerings as Salem Five expands south of Boston
Salem Five Insurance heads south. The subsidiary of Salem Five Bancorp announced today that it has acquired Cavanaugh Insurance Agency. Based on the South Shore, the agency was founded in 1977 and has offices in Norwood and Kingston.
“Cavanaugh Insurance Agency has an outstanding reputation on the South Shore, and we are proud to add that team to ours in an effort to better serve each other’s customers with added convenience and knowledge,” said Andrew Drayer, SVP of Strategic Growth for Salem Five Insurance.
The merger provides Cavanaugh customers with expanded insurance offerings and even more professionals to help with coverage options, while further extending Salem Five Insurance’s reach south of Boston.
“Salem Five Insurance shares our commitment to providing customers with outstanding service while taking care of its employees,” said Kevin Cavanaugh, President of Cavanaugh Insurance. “As we looked to expand the products and advice that our customers need to protect what they value most, there was no better partner than Salem Five.”
“We look forward to serving Cavanaugh customers and continuing to provide them with the quality service that they have come to expect from their insurance agency,” Brian Boyle, President of Salem Five Insurance, said.
Salem Five’s plans for Massachusetts
Salem Five began offering insurance in 2006 when it purchased Boyle Insurance Agency in Woburn from Gerard “Jay” Boyle and his brother, Brian Boyle, who serves as President of the insurance agency today. The agency now has more than 75 employees in eight locations and partners with dozens of carriers to meet the specific personal and business needs of its customers.
With its appointment of Andrew Drayer as SVP of Strategic Growth at the start of 2021, Salem Five signaled a new plan to increase its presence throughout Massachusetts. In the past two years, the company has acquired three other agencies, one of which was also located in Norwood. See Agency Checklists’ article of May 4, 2021, “Salem Five Insurance Acquires Ambrose & Grant Insurance Agency.”
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 an 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.“
Other recent Salem Five Insurance Acquisitions
The following is a listing of Salem Five Insurance’s most recent acquisitions:
- Salem Five Insurance Acquires Elliot Whittier Insurance (November 15, 2021)
- Salem Five Insurance Acquires Lynn’s A. James Lynch Insurance Agency Inc. (August 2, 2021)
- Salem Five Insurance Acquires Ambrose & Grant Insurance Agency (May 4, 2021)
- Salem Five Insurance Acquires Gloucester’s Cape Ann Insurance (2018)
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.