Arthur J. Gallagher acquires Tompkins Insurance for $183 million

Arthur J. Gallagher & Co. (NYSE: AJG) announced the acquisition of Tompkins Insurance Agencies, Inc., a Batavia, New York-based subsidiary of Tompkins Financial Corporation (NYSE: TMP).

Tompkins Insurance Agencies provides property/casualty insurance products and employee benefits services to clients in New York and Pennsylvania. The company reported pro forma revenues of approximately $40 million and EBITDAC of $16 million for the trailing 12 months ended June 30, 2025.

Under the agreement, Gallagher will acquire the stock of Tompkins Insurance Agencies for $183 million, which is net of Gallagher's discounted tax benefit of approximately $40 million associated with the transaction.

David Boyce, president of Tompkins Insurance Agencies, and his team will remain in their current location. They will operate under the direction of 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."

Arthur J. Gallagher & Co. is a global insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows, Illinois. The company provides services in approximately 130 countries through its owned operations and a network of correspondent brokers and consultants.

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