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 and casualty insurance products and employee benefits services to clients in New York and Pennsylvania.
Leadership and Operations
David Boyce, president of Tompkins Insurance Agencies, and his team will continue operating from their current location. They will report to Brendan Gallagher, who leads Gallagher's Northeast region retail property/casualty brokerage, and Scott Sherman, responsible for employee benefits consulting and brokerage in the Northeast region.
"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
Under the terms, Gallagher will purchase all outstanding stock of Tompkins Insurance Agencies.
Summary: Arthur J. Gallagher & Co. expands its Northeast presence by acquiring Tompkins Insurance Agencies, strengthening its commercial, personal, and employee benefits insurance services.