Beverly Merger: Sterling Ins. Buys The Morgan-McPherson Agency
July 31, 2023 — Sterling Insurance Agency, a leading independent insurance agency in the North Shore, announced its acquisition of Morgan-McPherson Insurance Agency today.
Morgan-McPherson’s Roots in Beverly Extend Over A Century
The agency, with a notable legacy dating back to 1918 in Beverly, has been a respected and enduring presence in North Shore’s insurance sector. The agency, led by Michael McPherson, has carved out a niche with its personalized service and unwavering dedication to its clients. Michael McPherson, nearing retirement, handpicked Sterling Insurance Agency to take the baton, entrusting them with his client base.
“We’ve served the North Shore community for generations and have always been committed to providing cost-effective solutions,” remarked McPherson. “In choosing Sterling, I am confident our clients will be well-cared for, enjoying the caliber of service they are accustomed to.”
Sterling Insurance’s 94-year Presence Bolsters Beverly’s Insurance Landscape
Founded in 1929, the Sterling Insurance Agency has blossomed into a leading independent insurance entity on the North Shore. The family-run business, now in its fourth generation, prides itself on its comprehensive service portfolio, including auto, home, condo, renters, boat, all commercial insurance lines, life insurance/financial services, and real estate services.
Rick Mooney, who has served as President since 2002, welcomed the Morgan-McPherson clients to Sterling’s clientele. “We are thrilled to welcome Morgan-McPherson clients to the Sterling family. Our mission remains the same – to provide customized insurance solutions and unmatched service on the North Shore and beyond,” said Mooney.
Sterling Insurance Gains New Clients and Partnerships through Acquisition
The acquisition solidifies Sterling’s standing as a one-stop shop for all insurance needs, benefiting from Morgan-McPherson’s partnerships with esteemed companies such as Safety Insurance, Plymouth Rock Assurance, Bunker Hill, and Commerce, all based in Massachusetts.
For Morgan-McPherson clients, the transition promises to be smooth. The agency’s office officially closed its doors on July 31, with all policies and coverage remaining intact with Sterling Insurance.
While Morgan-McPherson Closes, Sterling Insurance Pledges to Continue its Tradition of Service
The acquisition marks the end of Morgan-McPherson’s independent operation, as the agency closed its doors on July 31, 2023, yet its legacy is set to continue under the banner of Sterling. This strategic unification represents a win-win scenario for both entities and their clients, paving the way for a robust future of excellent service, enhanced offerings, and expanded presence in Beverly and the North Shore.
Legal Advisors and Consultants Facilitating the Acquisition.
Beverly Attorney Thomas Alexander of Alexander & Femino represented Morgan-McPherson Insurance in the transaction. Attorney Owen Gallagher, Publisher of Agency Checklists, represented Sterling Insurance.
Michael Ryan, CPA of Insurance Agency Consulting Services, LLC, advised Sterling Insurance on the Morgan-McPherson acquisition.”
