Arthur J. Gallagher & Co. Acquires Tompkins Insurance Agencies, Inc.

Rhea-AI Summary

Arthur J. Gallagher & Co (NYSE: AJG) announced on November 3, 2025 the acquisition of Batavia, New York-based Tompkins Insurance Agencies, a wholly owned subsidiary of Tompkins Financial (NYSE: TMP).

Tompkins Insurance offers property/casualty and employee benefits across New York and Pennsylvania. Pro forma trailing 12-months to June 30, 2025 revenues were approximately $40 million with $16 million of EBITDAC. Gallagher will acquire the stock for $183 million, net of a discounted tax benefit of about $40 million. David Boyce and the existing team will remain under Gallagher regional leadership.

Positive

• Pro forma revenues of $40 million (TTM to June 30, 2025)
• Pro forma EBITDAC of $16 million (TTM to June 30, 2025)
• Acquisition price of $183 million (net of ~$40 million tax benefit)
• Adds insurance brokerage footprint in New York and Pennsylvania

Negative

• None.

ROLLING MEADOWS, Ill., Nov. 3, 2025 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Batavia, New York-based Tompkins Insurance Agencies, Inc., a wholly-owned subsidiary of Tompkins Financial Corporation (NYSE: TMP).

Tompkins Insurance Agencies offers a full suite of property/casualty insurance products and employee benefits services to clients throughout New York and Pennsylvania. David Boyce, president of Tompkins Insurance Agencies, and his team will remain in their current location 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."

Tompkins Insurance Agencies pro forma revenues and EBITDAC for the trailing 12 months ended June 30, 2025 were approximately $40 million and $16 million, respectively. Under the agreement, Gallagher will acquire the stock of Tompkins Insurance Agencies for $183 million, which is net of Gallagher's discounted tax benefit associated with the transaction of approximately $40 million.

Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

Investors: Ray Iardella, VP - Investor Relations		Media: Paul Day, Senior Media Relations Manager
630-285-3661/ ray_iardella@ajg.com		630-285-5946/ paul_day1@ajg.com

 

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SOURCE Arthur J. Gallagher & Co.

FAQ

What did AJG announce on November 3, 2025 regarding Tompkins Insurance Agencies?

AJG announced it will acquire Tompkins Insurance Agencies, a Tompkins Financial subsidiary, in a stock purchase for $183 million.

How large were Tompkins Insurance Agencies' trailing revenues and EBITDAC in AJG's acquisition?

Pro forma trailing 12 months to June 30, 2025 showed approximately $40 million revenue and $16 million EBITDAC.

Will Tompkins Insurance Agencies' leadership remain after the AJG (AJG) acquisition?

Yes. David Boyce and his team will remain in Batavia under Gallagher regional leadership.

How does AJG describe Tompkins Insurance Agencies' business geography after the acquisition?

Tompkins Insurance provides property/casualty and employee benefits services across New York and Pennsylvania.

Is the AJG purchase price adjusted for tax benefits and by how much?

Yes; the announced $183 million purchase price is net of Gallagher's discounted tax benefit of approximately $40 million.