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).
The agency provides a comprehensive range of property and casualty insurance products, along with 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. Their work will be directed by Brendan Gallagher, head of Gallagher’s Northeast region retail property and 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 will acquire Tompkins Insurance Agencies’ stock for $183 million, net of a $40 million discounted tax benefit linked to the transaction.
Summary: The acquisition strengthens Gallagher's insurance and employee benefits services in the Northeast, preserving leadership continuity while expanding market presence.