Arthur J. Gallagher & Co. Acquires Tompkins Insurance Agencies, Inc.
Arthur J. Gallagher & Co. announced the acquisition of Batavia, New York-based Tompkins Insurance Agencies, Inc., 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 operations, and Scott Sherman, head of Gallagher's Northeast region 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 Highlights and Transaction Details
- Pro forma revenues for the trailing 12 months ended June 30, 2025, were approximately $40 million.
- EBITDAC for the same period was about $16 million.
- Gallagher will acquire Tompkins Insurance Agencies' stock for $183 million, net of a $40 million discounted tax benefit linked to the transaction.
Author's summary: Arthur J. Gallagher & Co. strengthens its Northeast presence by acquiring Tompkins Insurance Agencies, supporting growth in commercial, personal, and employee benefits insurance lines.