The purpose of this compilation is to help our readers take stock of the consolidation of the marketplace both within Massachusetts and New England. As stated in previous versions of this listing, the majority of purchases and sales occurring in our region involved locally owned and operated agencies. There are now many more national buyers entering this marketplace, particularly World Insurance Associates, Acrisure, Hub, Alera Group, and The Hilb Group just to name a few.
Since not every purchase and sale is announced to us, however, this list includes only the transactions that Agency Checklists has been made aware of or that were announced publicly.
Our proprietary list of purchases and sales of insurance agencies in New England
Based on our proprietary data for Q4-2023, here is a snapshot of the trends in insurance agency acquisitions in Massachusetts. It should be noted that in comparison to national merger & acquisition activity in 2023, Massachusetts and New England did not experience an overall dip in acquisition activity last year.
- There were a total of 10 insurance agency mergers and acquisitions announced in New England in Q4- 2023.
- While nationally there was a dip in Merger & Acquisition activity in 2023, in New England there was a total of 37 announced deals in 2023.
- Overall, the biggest deal of the year was the sale of one of Massachusetts’s largest independent agencies, Eastern Insurance, to Gallagher in a sale worth five-times commission.
Agencies Sold in 2023
The following is a list of the transactions featured in Agency Checklists during the first three quarters of 2023. In addition, due to popular demand, we are now including transactions from in and around New England. As always, if you know of a sale of an insurance agency not listed here, whether in Massachusetts or one of the New England states, please help us keep this list as accurate as possible by letting us know here.
Please note, any title with an * means that the update was sent to us but was not an officially announced transaction on which we reported.
January 2023 (Q1)
February 2023 (Q1)
March 2023 (Q1)
April 2023 (Q2)
May 2023 (Q2-2023)
June 2023 (Q2-2023)
July 2023 (Q3-2023)
August 2023 (Q3-2023)
Cross Acquires Greenberg, Rhein & Margolis, Inc. – Connecticut*
September 2023 (Q3-2023)
Cross Acquires The Russell D. Patten Insurance Agency, LLC of Maine*
Cross Acquires Costello New Hampshire Insurance Agency, Inc.*
October 2023 (Q4-2023)
Cross Insurance Acquires Advocate Brokerage of New York*
November 2023 (Q4-2023)
Cross Insurance Acquires Massachusetts’ Sculos & Santilli Insurance Agency, Inc.*
December 2023 (Q4-2023)
Cross Insurance Acquires the Paul Insurance Agency in Massachusetts*
For those interested in taking a look at the national trends in insurance agency mergers and acquisition activity, please refer to our companion piece entitled, “Q4-2023 Results Bodes Well For 2024 Agency Sales Activity.“