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 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 the 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 Acquisition Details
- Pro forma revenues for the 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.
- This amount accounts for a discounted tax benefit of approximately $40 million associated with the transaction.
Author's summary: The acquisition of Tompkins Insurance Agencies by Arthur J. Gallagher significantly strengthens their regional insurance brokerage services while maintaining current leadership and operational structures.