Quincy Mutual Group has quickly followed up its announcement of its new subsidiary, Quincy Perpetuation Partners, LLC (“QPP”), (See Agency Checklists’ June 7, 2016 article, “Quincy Mutual To Support Perpetuations and Acquisitions”) aimed at helping Quincy’s agents with perpetuation and acquisitions with its first investment.
On June 17, 2016, The Dowd Agencies, LLC, the parent company of insurance agencies located in Holyoke, Hadley, Southampton, Indian Orchard, and Ludlow announced that they had entered into a strategic alliance with QPP through which Quincy Mutual would invest in the agencies in exchange for a twenty percent equity interest.
The Dowd Agencies will stay independent
The Dowd Agencies emphasized in their announcement that they “will continue to operate under independent ownership – this is not a merger or acquisition in any form.”
The Dowd Agencies has been offering individuals, families businesses in western Massachusetts personal and commercial insurance, and financial-planning for over a century. Established in Holyoke in 1898 by James J. Dowd, it is one of the oldest insurance agencies in Massachusetts that has continuously operated under the same family’s ownership and management.
Today, under the stewardship of John E. Dowd, Jr., president and chief executive officer, David W. Griffin, Sr., executive vice-president and treasurer, and Robert W. Gilbert Jr., chairman of the board, The Dowd Insurance Agencies provide counsel and coverage from its five offices in western Massachusetts.
The Dowd Agencies management looks for future growth with Quincy’s investment
“When Quincy Mutual Group shared their vision and goals for QPP — to help locally owned independent agencies grow organically and through acquisition — we were all ears,” Mr. Dowd said. “What QPP offers fully supports what Dave and I want to accomplish, which is to ensure that the firm continues as a growing, family-owned, and regionally strong independent agency.”
Griffin commented, “Our roots and core beliefs have always focused on providing our customers with the best possible coverage and prices through our established network of industry partners and carriers. These values have helped us grow and maintain our reputation for more than a century. These same values have sustained Quincy Mutual Group for over 165 years, and we are proud to have them join with us.”
Quincy Mutual also looks to the future with its partnership with The Dowd Agencies
Quincy Mutual’s Executive Vice President Kevin Meskell summed up the new partnership for Agency Checklists as:
We could hardly have chosen a more fitting candidate to introduce Quincy Perpetuation Partners than the Dowd Insurance Agencies. Our affiliation combines the outstanding reputation of a well-established agency organization with a vision clearly oriented towards continuing its family ownership and its desire to expand its business, along with Quincy Mutual’s commitment to the independent agency system. QPP is unique in terms of acquiring a minority equity position in a given agency and is designed to be mutually beneficial for both parties for however long that interest may be in effect and beyond. We hold John Dowd, Dave Griffin and Bob Gilbert in the highest regard and look forward to collaborating alongside them in the years to come.”
Quincy Mutual open to discussing with other independent agencies’ their perpetuation and acquisition plans
Mr. Meskell also noted that qualified independent agencies looking for information as to how QPP’s unique business plan might dovetail with their own long-term perpetuation or acquisition objectives, can direct inquiries to his attention or to a member of Quincy Mutual’s marketing staff.
About Quincy Mutual
The Quincy Mutual Group has proudly provided New England families and businesses with insurance protection since 1851. It continues to build on this long tradition by using the knowledge and expertise of their employees and over 500 independent agents to meet the needs of its policyholders. As one of the strongest mutual insurance companies in New England, Quincy Mutual remains committed to perpetuating the legacy of its key independent agencies.
