As Agency Checklists has done for every quarter during the past few years, the following is the latest quarterly run-down of the agency acquisitions reported or announced in Massachusetts as of the 1st Quarter of 2022 (“Q4-2022”). Additionally, for comparison purposes, the listing also includes those insurance agency mergers and acquisitions Agency Checklists previously compiled in both 2021, 2020, and 2019. Since not every purchase and sale is announced, however, please note that this list includes only the transactions that Agency Checklists has been made aware of or that were announced publicly.
The purpose of this list is to help our readers take stock of the consolidation of the marketplace within Massachusetts versus what is happening nationally. It should be noted that during both 2020 and 2021, a shift has occurred in the types of agencies acquiring other agencies. While a couple of years ago, the majority of purchases and sales had been between agencies owned and operated in Massachusetts, there are now many more national buyers entering this marketplace such as Acrisure, Alera Group, and BRP. With that said, many of our region’s largest agencies such as Salem Five, Eastern Insurance, Kaplansky Insurance, and Cross Insurance continue to acquire agencies as they expand their geographic footprint throughout Massachusetts, New England, and even New York.
Our proprietary list of purchases and sales of Massachusetts insurance agencies
Based on our data for 2022, here is a snapshot of the trends in insurance agency acquisitions in Massachusetts:
- The First Quarter of 2022 (Q1-2022), saw a total of eight agency transactions. This is four less from the 12 reported in the First Quarter of 2021 (Q1-2021).
- The busiest month for acquisitions during Q1-2022 was in January, which saw a total of four agency acquisitions. Next was February, followed by March which only had one announced acquisition.
Massachusetts agencies sold in 2022
The following is a list of the transactions featured in Agency Checklists during the first quarter of 2022. Please note, any title with an * means that the update was sent to us but was not an officially announced transaction that we reported. As always, if you know of a sale of an insurance agency not listed here, please help us keep this list as accurate as possible by letting us know here.
Massachusetts agencies sold in 2022
January 2022 (Q1)
Renaissance Alliance Acquires Two Agency Networks Representing An Additional $2.4bn In Premium
MountainOne Acquires Cross Insurance Of Pittsfield
AssuredPartners Acquires Fred C. Church, Inc.
Alera Group Adds Webber & Grinnell Agency
February 2022 (Q1)
Kaplansky Insurance Acquires Roy Insurance
J.K. Olivieri Insurance Agency Joins World Insurance Associates
March 2022 (Q1)
Eastern Insurance Acquires The Michals Insurance Agency
Massachusetts agencies sold in 2021
January 2021 (Q1)
World Insurance Associates Acquires The R.S. Gilmore Insurance Agency
The Philbin Insurance Group Purchases The Douglas Insurance Agency
AssuredPartners Northeast Acquires Fessenden & Sykes
Hub Acquires The Alpha Pension Group
Duffy Insurance Announces 10th Acquisition With Purchase Of The Barry & O’Connor Agency
Cross Insurance Acquires McSweeney & Ricci And Boston Marine
February 2021 (Q2)
FBinsure Becomes The First New England Agency Partner For Patriot Growth Insurance Services
Cross Insurance Acquires Bedford Insurance Brokerage (N.Y.)*
March 2021
Jeff Carbone Insurance Agency Acquires Hughes Insurance
Deland, Gibson Insurance Acquires The Dickey Insurance Agency
Hub NE Expands In Vermont With Finn & Stone, Inc. Acquisition
Compass Planners Joins Forces With The Hilb Group
AssuredPartners Acquires The Joseph A. Glynn Insurance Agency
April 2021 (Q2)
Hub Acquires Massachusetts-Based IBG Financial Partners, LLC
Kaplansky Insurance Acquires The Towers-Lemos Agency
Eastern Insurance Acquires Concord’s Northbridge Insurance Agency
Partners Insurance Group Purchases The Interstate Insurance & Finance Company
Risk Strategies Acquires Specialty Insurance Solutions
SIAA Acquired By Private Equity Group Odyssey Partners
Cross Insurance Acquires Business Benefits, Inc.*
May 2021 (Q2)
AssuredPartners Acquires Lehrer & Madden Insurance Agency
Kaplansky Insurance Acquires John P. Riley Insurance
Hub New England Acquires CT’s Ion Insurance Corporation
Salem Five Insurance Acquires Ambrose & Grant Insurance Agency
Eastern Insurance Group Announces Acquisition Of Barr Insurance Agency, Inc.
Cross Insurance Acquires A.J. Benet, Inc. (N.Y.)*
June 2021 (Q2)
Baldwin Risk Partners Acquires RogersGray
Hub New England Welcomes Epstein Financial Services LLC
Women-Led Boston Benefit Partners, LLC Joins Alera Group
RogersGray Acquires E.J. McGrath Insurance Agency
July 2021 (Q3)
No reported transactions
August 2021 (Q3)
Alera Group Broadens Northeast Footprint With New Hampshire Agency Acquisition
Salem Five Insurance Acquires Lynn’s A. James Lynch Insurance Agency Inc.
Canary Blomstrom Insurance Agency Merges With Goodworks Financial Group
World Insurance Associates Acquires Rocco Rose
Brown & Brown Buys Berkshire Insurance Group For $41.5 Million
September 2021 (Q3)
Duffy Insurance Acquires The A.J. George Insurance Agency
Dowd Insurance Acquires Westfield’s Wilcox Insurance Agency
October 2021 (Q4)
Morse Insurance Merges With Habig & Magoon Expanding Its Operations & Reach In Southeastern Mass.
Duffy Insurance Announces Another Agency Acquisition In Marblehead
Hilb Group Completes Acquisition Of D.F. Dwyer & Associates, LLC
Another Mass. Agency Acquisition for the Hilb Group (Forrest Insurance Agency)
November 2021 (Q4)
Deland, Gibson Acquires Franklin’s Keefe Insurance
Hub International Acquires Assets Of Tanna Insurance, Inc.
Oxford Insurance Acquired By CT’s Smith Brothers
Salem Five Insurance Acquires Elliot Whittier Insurance
Risk Strategies Acquires CT’s Pawson Insurance
December 2021 (Q4)
Hilb Group Adds A New Hampshire Agency
Massachusetts agencies sold in 2020
January 2020 (Q1)
The Connolly Insurance Agency Merges With Morse Insurance
Alera Group Acquires Massachusetts’ Sylvia Group
Risman Insurance Acquires MassPay Insurance Agency*
February 2020 (Q1)
The Hilb Group Acquires Group Brokerage Insurance Agency
FBInsure Acquires Attleboro’s Nimiroski Insurance Agency
The Risman Insurance Agencies acquire the T.F. Ward Insurance Agency of Melrose
March 2020 (Q1)
The Risman Agency Acquires The Phil Richard Insurance Agency*
Kaplansky Insurance Acquires Pike Insurance
The Hilb Group, LLC Acquires LifePlus Insurance Agency, Inc.
Gilbert Insurance Acquires Aljane Insurance Inc. of Medford
April 2020 (Q2)
No Acquisitions Announced This Month
May 2020 (Q2)
The DiVirgilio Insurance Agency Acquires On-Time Payroll, Inc.
Hub Acquires Massachusetts-Based Lashua-LaChance & Poliks Insurance Agency, Inc.
June 2020 (Q2)
The Madeleine Brooks Insurance Agency Is Acquired By The A.P. Michaud Agency, LLC
Foley Palenscar Schortmann Acquires Pollicelli & Mullen Insurance Agency
Assured Partners Acquires WTPhelan & Co. Insurance Agency, Inc.
July 2020
AHT Insurance Acquires Mason & Mason Insurance
Chatham’s Eldredge & Lumpkin Sold To The Hilb Group
The N. Pingree Insurance Agency Joins The Duffy Family of Insurance Agencies
Morin & Foy Merges With First American Insurance Agency
August 2020
Brown & Brown Acquires Quincy’s Amity Insurance Agency
Risman Insurance Acquires Insurance Associates of Burlington, MA
September 2020
Risk Strategies Acquires Securitas Insurance Partners
October 2020
Alera Group Acquires Gordon Atlantic Insurance Agency
Eastern Insurance Continues Expansion With Auburn Insurance Agency Acquisition
November 2020
Hub Acquires Its Second Massachusetts Agency in 2020 -Baystate Fiduciary Advisors, Inc.
Assured Partners Acquires People’s United Insurance Agency
December 2020
MTM Insurance Acquires The Brian S. Dempsey Insurance Agency
Eastern Insurance Group LLC Acquires Assets Of Campbell, Flaherty & Ring Insurance Agency, Inc.
Arthur J. Gallagher Acquires North Star Marine Insurance
Cross Insurance Acquires Boston Marine Insurance Services, LLC*
Cross Insurance Acquires The McSweeney & Ricci Insurance Agency*
Massachusetts agencies sold in 2019 – Updated in 2020
January 2019 (Q1)
Make It 32 – Kaplansky Insurance Acquires The KW Insurance Agency
Ryan Specialty Group, LLC To Acquire Boston Insurance Specialists
February 2019 (Q1)
FBinsure Acquires The Reid-Hofmann Insurance Agency
C&S Insurance Announces The Acquisition Of The Francis M Walley Insurance Agency, Inc.
March 2019 (Q1)
WTPhelan Acquires The Robert J. Cappadona Insurance Agency
The Hilb Group Acquires Another Massachusetts Insurance Agency, It’s First Of 2019
Cross Insurance Acquires The Quincy Insurance Agency (added in 2020)
April 2019 (Q1)
No reported transactions
May 2019 (Q2)
Rogers & Gray’s Acquires The Paul Peters Agency of Falmouth & Mashpee
June 2019 (Q2)
Risk Strategies Acquires MainStreet Consulting Group
New England-based 360 Corporate Benefit Advisors Bought By The Hilb Group
Boston-based Risk Strategies Acquires Creative Insurance Solutions
Twinbrook Acquired By Brown & Brown of Massachusetts
Cross Insurance Acquires The Gerald T. McCarthy Insurance Agency (added in 2020)
July 2019 (Q2)
Risk Strategies Acquires California’s Winter Group, Inc.
T. Edmund Garrity Acquires The Willard Martin Agency
Risk Strategies Acquires Gerard B. Tracy Associates
The Hilb Group Acquires Massachusetts’ Agency Handy-Apple Valley, LLC
Boston-based Risk Strategies Buys New York Brokerage Firm Reiff & Associates
August 2019 (Q3)
HUB New England Acquires The Insurance Center of New England
Brown & Brown of Massachusetts Acquires Boston’s Yozell Associates
September 2019 (Q3)
The John C. Gallagher Insurance Agency Joins Kaplansky Insurance
The Hilb Group, LLC Acquires Massachusetts-based, The Incentive Group, LLC
October 2019 (Q4)
No reported transactions
November 2019 (Q4)
The Hilb Group Is Sold To The Carlyle Group
The Hilb Group Acquires Southborough-based G&N Insurance
Brown & Brown Of Massachusetts Acquires Poole Professional Cos.
Cross Insurance Acquires Fair and Yeager Insurance Agency (added in 2020)
December 2019 (Q4)
Another Massachusetts Insurance Producer Joins The Hilb Group
Alera Group Acquires Massachusetts’s Sylvia Group
