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The aim of this compilation is to assist our readers take inventory of the consolidation of {the marketplace} each inside Massachusetts and New England. As acknowledged in earlier variations of this itemizing, the vast majority of purchases and gross sales occurring in our area concerned domestically owned and operated companies. There are actually many extra nationwide consumers getting into this market, significantly World Insurance coverage Associates, Acrisure, Hub, Alera Group, and The Hilb Group simply to call a couple of.
Since not each buy and sale is introduced to us, nonetheless, this checklist consists of solely the transactions that Company Checklists has been made conscious of or that have been introduced publicly.
Our proprietary checklist of purchases and gross sales of insurance coverage companies in New England
Primarily based on our proprietary knowledge for This autumn-2023, here’s a snapshot of the tendencies in insurance coverage company acquisitions in Massachusetts. It ought to be famous that in comparison to national merger & acquisition activity in 2023, Massachusetts and New England didn’t expertise an general dip in acquisition exercise final 12 months.
- There have been a complete of 10 insurance coverage company mergers and acquisitions introduced in New England in This autumn- 2023.
- Whereas nationally there was a dip in Merger & Acquisition exercise in 2023, in New England there was a complete of 37 introduced offers in 2023.
- Total, the largest deal of the 12 months was the sale of one in every of Massachusetts’s largest impartial companies, Jap Insurance coverage, to Gallagher in a sale value five-times fee.
Businesses Bought in 2023
The next is a listing of the transactions featured in Company Checklists through the first three quarters of 2023. As well as, resulting from standard demand, we are actually together with transactions from in and round New England. As all the time, if you recognize of a sale of an insurance coverage company not listed right here, whether or not in Massachusetts or one of many New England states, please help us keep this list as accurate as possible by letting us know here.
Please observe, any title with an * implies that the replace was despatched to us however was not an formally introduced transaction on which we reported.
January 2023 (Q1)
Patriot Growth Insurance Grows New England Presence With RI Partnership
Hilb Group Expands in RI With OceanPoint Insurance Acquisition
February 2023 (Q1)
Bearce Insurance Agency Joins World Insurance Associates
Duffy Insurance Agency Acquires B&M Insurance Agency In Wakefield
Kaplansky Insurance Acquires Bridge Insurance
New Bedford’s Tomlinson & O’Neil Joins World Insurance Associates
March 2023 (Q1)
Aronson Insurance Acquires LJM Insurance Agency
Salem Five Insurance Acquires Nichols Insurance Agency Inc.
World Picks Up Another Two Agencies In New England
April 2023 (Q2)
World Welcomes Worcester’s Thomas J. Woods Insurance Agency
Sabatino Insurance Agency Acquires The Mastrocola Insurance Agency
Hilb Group Grows New England Property And Casualty Presence
Might 2023 (Q2-2023)
Duffy Insurance Agency Acquires Boyd-Neelon Insurance Agency Of Sudbury Mass
Patriot Growth Insurance Services Expands Its Network In Massachusetts
Kaplansky Insurance Acquires Seekonk’s Crosstown Insurance
June 2023 (Q2-2023)
Wm F. Borhek & B. R. Alexander Agencies Join World Insurance Associates
BayCoast Insurance Announces Its Acquisition Of E.P. Tremblay And Sons Insurance Agency, Inc.
Cross Insurance Acquires The North Shore’s Daly Insurance
July 2023 (Q3-2023)
Smith Brothers Advances Massachusetts Growth with Rawson & Sons Acquisition
Beverly Merger: Sterling Ins. Buys The Morgan-McPherson Agency
August 2023 (Q3-2023)
Hub New England Welcomes Worcester’s Horizon Insurance
Cross Acquires Greenberg, Rhein & Margolis, Inc. – Connecticut*
September 2023 (Q3-2023)
Gallagher Snaps Up Eastern In Sale Worth 5-Times Commissions
Salem Five Insurance Acquires Philbin Insurance Group
Cross Acquires The Russell D. Patten Insurance coverage Company, LLC of Maine*
Cross Acquires Costello New Hampshire Insurance coverage Company, Inc.*
October 2023 (This autumn-2023)
Alden C. Goodnow Insurance Agency Acquires Inlign Insurance
Another North Shore Agency Acquisition For Duffy Insurance
Cross Insurance coverage Acquires Advocate Brokerage of New York*
November 2023 (This autumn-2023)
Cross Insurance coverage Acquires Massachusetts’ Sculos & Santilli Insurance coverage Company, Inc.*
Growth Continues At Duffy Insurance With Addition Of The DeAngelis Trinity Insurance Agency
Archetype Acquisition Is The 43rd For Kaplansky Insurance
December 2023 (This autumn-2023)
Cross Insurance coverage Acquires the Paul Insurance coverage Company in Massachusetts*
IMA Financial Group Expands In Mass. With EBS Insurance Brokers Purchase
New England’s Foy Insurance Joins World Insurance Associates
Patriot Growth Insurance Services Expands Footprint In New England Region
For these involved in looking on the nationwide tendencies in insurance coverage company mergers and acquisition exercise, please seek advice from our companion piece entitled, “Q4-2023 Results Bodes Well For 2024 Agency Sales Activity.“
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