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 along with employee benefits services to clients across 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 heads Gallagher's Northeast region retail property/casualty brokerage operations, and Scott Sherman, leader 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 Details

Pro forma revenues for Tompkins Insurance Agencies for the 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 discounted tax benefit of roughly $40 million related to the transaction.

Author's summary: The acquisition of Tompkins Insurance Agencies strengthens Gallagher's presence in the Northeast, adding robust commercial, personal, and employee benefits brokerage capabilities with strong existing revenues.

PR Newswire — 2025-11-03