Arthur J. Gallagher & Co. Acquires Tompkins Insurance Agencies, Inc.
Arthur J. Gallagher & Co. announced the acquisition of Tompkins Insurance Agencies, Inc., based in Batavia, New York, and a wholly-owned subsidiary of Tompkins Financial Corporation (NYSE: TMP).
Tompkins Insurance Agencies provides a comprehensive range of property/casualty insurance products and employee benefits services to clients across New York and Pennsylvania.
Management and Operations
David Boyce, president of Tompkins Insurance Agencies, and his team will continue to operate from their current location. They will work under the leadership of Brendan Gallagher, head of Gallagher's Northeast region retail property/casualty brokerage, and Scott Sherman, head of Gallagher's Northeast region employee benefits consulting and brokerage.
"Tompkins Insurance Agencies is a highly regarded firm that enhances our brokerage capabilities in the region across commercial lines, personal lines and employee benefits," said J. Patrick Gallagher, Jr., Chairman and CEO. "I am excited to welcome David and his associates to Gallagher."
Financial Details
- Pro forma revenues for the trailing 12 months ended June 30, 2025: approximately $40 million
- EBITDAC for the same period: approximately $16 million
- Acquisition price: $183 million, net of a discounted tax benefit of about $40 million for Gallagher
This acquisition strengthens Gallagher's brokerage presence and service offerings in the Northeast region.
"I am excited to welcome David and his associates to Gallagher." — J. Patrick Gallagher, Jr., Chairman and CEO
Summary: The acquisition of Tompkins Insurance Agencies bolsters Arthur J. Gallagher & Co.'s regional insurance services, with experienced leadership retained to support growth in key markets.