Arthur J. Gallagher & Co. completed the acquisition of Tompkins Insurance Agencies, Inc., a wholly‑owned subsidiary of Tompkins Financial Corporation, on 2025‑11‑03 for a net purchase price of $183 million after a $40 million tax benefit.
The target’s trailing‑12‑month financials, ending June 30 2025, show pro‑forma revenue of approximately $40 million and EBITDAC of $16 million, implying a purchase multiple of roughly 11.4× EBITDAC. Tompkins Insurance Agencies has a 150‑year history and was ranked #79 among Insurance Journal’s Top 100 Independent Insurance Agencies in 2025.
Gallagher’s acquisition expands its brokerage footprint in New York and Pennsylvania, adding commercial lines, personal lines, and employee‑benefits services to its regional portfolio. Tompkins Financial’s CEO, Stephen S. Romaine, said the divestiture frees capital that the company will use to invest in growth opportunities and strengthen its core banking and wealth‑management businesses.
Gallagher’s Q3 2025 results showed revenue of $3.37 billion and net income of $272.7 million, underscoring its acquisition‑driven growth strategy. The addition of Tompkins Insurance Agencies is expected to enhance Gallagher’s market presence without materially altering its financial guidance for the year.
David Boyce, president of Tompkins Insurance Agencies, and his team will remain in place under Gallagher’s regional leadership, ensuring continuity for the agency’s clients across New York and Pennsylvania.
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