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 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 work under Brendan Gallagher, head of Gallagher's Northeast retail property/casualty brokerage, and Scott Sherman, head of 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 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 presence in the Northeast, broadening its service offerings in insurance and employee benefits.
Executive summary: The acquisition of Tompkins Insurance Agencies by Arthur J. Gallagher & Co. for $183 million expands Gallagher's brokerage footprint and boosts its commercial and employee benefits services in New York and Pennsylvania.