Insurance Agency Mergers & Acquisitions in Massachusetts | Q1-2024
Our proprietary list of purchases and sales of insurance agencies in New England
Based on our proprietary data for Q1-2024, the following is a list of 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 seven insurance agency mergers and acquisitions announced in New England during the first quarter of 2024.
This is two less than during the first quarter of 2023 when nine agency acquisitions were announced.
January was the busiest month for M&A Activity in Massachusetts so far this year.
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.
Agencies Sold in 2024
The following is a list of the transactions featured in Agency Checklists during the first quarter of 2024 (Q1-2024). 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 let us know to help keep this list as accurate as possible.
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 2024 (Q1)
MountainOne Insurance Expands To Stockbridge, MA
Arthur J. Gallagher & Co. Acquires The Rowley Agency, LLC
Patriot Growth & FBinsure Acquire Rhode Island Insurance Group
Lowell’s Byam Bros-Mahoney Agency Joins Duffy Insurance
February 2024 (Q1)
Deland, Gibson Insurance Agency Acquires Austin Chandler Insurance
MountainOne Insurance Acquires G. W. Morisi Insurance Agency
March 2024 (Q1)
Kaplansky Welcomes WT Flynn Insurance Of Framingham To Its Ranks
Agencies Sold in 2023
For comparison purposes, the following is a list of the insurance agency acquisitions from last year.
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
May 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
Kaplansky Insurance Continues To Expand Market Presence In Massachusetts With 42nd Agency Acquisition
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 Agency, LLC of Maine*
Cross Acquires Costello New Hampshire Insurance Agency, Inc.*
October 2023 (Q4-2023)
Alden C. Goodnow Insurance Agency Acquires Inlign Insurance
Another North Shore Agency Acquisition For Duffy Insurance
Cross Insurance Acquires Advocate Brokerage of New York*
November 2023 (Q4-2023)
Cross Insurance Acquires Massachusetts’ Sculos & Santilli Insurance Agency, Inc.*
Growth Continues At Duffy Insurance With Addition Of The DeAngelis Trinity Insurance Agency
Archetype Acquisition Is The 43rd For Kaplansky Insurance
December 2023 (Q4-2023)
Cross Insurance Acquires the Paul Insurance Agency 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 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.“
