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 to operate from their current location. Their work will be overseen by Brendan Gallagher, head of Gallagher's Northeast retail property/casualty brokerage operations, and Scott Sherman, head of Gallagher's Northeast employee benefits consulting and brokerage operations.
"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 ending June 30, 2025, were approximately $40 million.
- EBITDAC for the same period was about $16 million.
- Gallagher agreed to acquire the stock of Tompkins Insurance Agencies for $183 million.
- This amount reflects Gallagher's discounted tax benefit related to the transaction of roughly $40 million.
Author’s summary: Arthur J. Gallagher & Co. strengthens its presence in the Northeast by acquiring Tompkins Insurance Agencies, expanding its service range with a valued team and robust financial metrics.