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.
Management and Operations
David Boyce, president of Tompkins Insurance Agencies, and his team will continue operating from their current location. Their work will be overseen by Brendan Gallagher, head of Gallagher's Northeast retail property/casualty brokerage, and Scott Sherman, head of Gallagher's Northeast 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 Gallagher's discounted tax benefit of about $40 million
This acquisition strengthens Gallagher's presence in the Northeast and expands its capabilities in commercial, personal insurance, and employee benefits.
Would you like the summary to be more formal or conversational?