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. Tompkins Insurance Agencies is 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.
Leadership and Operations
David Boyce, president of Tompkins Insurance Agencies, along with his team, will continue operating from their current location. They will report to 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 12 months ending June 30, 2025, were approximately $40 million.
- Pro forma EBITDAC for the same period was about $16 million.
- Gallagher will acquire Tompkins Insurance Agencies stock for $183 million.
- This price accounts for Gallagher's discounted tax benefit of roughly $40 million related to the transaction.
This acquisition strengthens Gallagher's market presence in the Northeast, expanding its portfolio in both insurance and employee benefits services.
Summary
The acquisition of Tompkins Insurance Agencies by Arthur J. Gallagher & Co. expands regional capabilities in insurance and benefits, with experienced leadership retained and a transaction valued at $183 million.
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