Tompkins Financial Corporation has divested its insurance subsidiary, Tompkins Insurance Agencies (TIA), selling it to Arthur J. Gallagher & Co for around $223m in cash.
The sale is expected to deliver a pre-tax gain of $183m for Tompkins Financial.
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TIA, which has operated for a century and a half, provides property and casualty (P&C) insurance as well as employee benefits services in Pennsylvania and New York, US.
Tompkins Financial CEO and president Stephen S. Romaine said: “It was in the long-term interests of the TIA employees and customers to find a partner that best positioned them for continued success well into the future.
“We are fully confident Gallagher is the right partner for all stakeholders. We wish all the best to the TIA team, and I extend many thanks to them for their contributions to our organisation.”
Romaine added: “We are confident our balance sheet provides us with the flexibility to invest a portion of the proceeds to replace the relative earnings of Tompkins Insurance over the near term, while also providing the capital to support strategic investments over the long term.”
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By GlobalDataFollowing the sale, all TIA leadership and staff have joined Gallagher.
David Boyce, who previously led TIA, will remain in his position and continue to work from the existing office.
He will report to Brendan Gallagher, head of Gallagher’s retail property/casualty operations in the north-east region, and Scott Sherman, head of its employee benefits consulting and brokerage activities for the region.
TIA’s customer base across Tompkins’ traditional markets will now be able to access Gallagher’s network and resources.
Arthur J. Gallagher chairman and CEO J. Patrick Gallagher, Jr stated: “Tompkins Insurance Agencies is a highly regarded firm that enhances our brokerage capabilities in the region across commercial lines, personal lines and employee benefits.
“I am excited to welcome David and his associates to Gallagher.”
In August 2025, Arthur J. Gallagher & Co completed the acquisition of AssuredPartners for $13.45bn.
AssuredPartners operates as an insurance broker in areas including commercial property/casualty, employee benefits, specialty lines and personal insurance.
