Salem Five Insurance Acquires Nichols Insurance Agency Inc.

Customers receive expanded offerings as Salem Five Insurance expands northwest of Boston

Andrew Drayer of Salem Five and Erica Miller of Nichols Insurance

Salem Five Insurance Services, a subsidiary of Salem Five Bancorp, has announced its acquisition of Nichols Insurance Agency Inc, a Bedford-based insurance agency whose roots in the town go back to 1989. The purchase includes all Nichols Insurance Agency assets, staff, and operations, making it a seamless transition for customers and employees.

This partnership between two customer-focused insurance providers will offer this agency’s customers an expanded range of insurance products and services while maintaining the same high-quality service they have come to expect from Nichols Insurance.

“We are thrilled to welcome Nichols Insurance Agency customers and employees to the Salem Five Insurance Services family,” said Andrew Drayer, Senior Vice President of Strategic Growth for Salem Five Insurance Services. “This acquisition reflects our unwavering commitment to providing exceptional insurance solutions to our customers.” Salem Five Insurance has more than 80 employees in 10 locations, and partners with dozens of carriers to meet the specific personal and business needs of its customers.

Erica Miller, the owner of Nichols Insurance Agency, expressed her confidence in Salem Five Insurance Services, stating, “We have always put our customers and employees first. We are confident that Salem Five shares these values and will continue to prioritize our customers and employees as they have always been.”

The President of Salem Five Insurance Services, Brian Boyle, added, “Our team looks forward to building long-lasting relationships with our new customers while continuing to provide them with the high-quality service they deserve.”

Salem Five’s Other Acquisitions in 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 eighty employees in ten locations and partners with dozens of carriers to meet its customers’ specific personal and business needs. 

Since 2018, Salem Five has made five strategic acquisitions expanding the agency’s geographic footprint throughout the Greater Boston area. The following is a listing of those acquisitions:

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 (, a mutual bank founded in 1855.

With almost $7 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.

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