Salem Five Insurance Acquires Philbin Insurance Group
Salem Five Insurance Continues To Expand North of Boston
Salem Five Insurance continues to solidify its geographic footprint north of Boston with the announcement of its acquisition of one of the North Shore’s Philbin Insurance Group. Founded in 1989, Lynnfield-based Philbin Insurance has grown over the past three decades into one of the most highly respected independent agencies in the area.
“Philbin’s reputation is outstanding and we’re proud to add its team to ours to better serve one another’s customers,” said Andrew Drayer, SVP of Strategic Growth for Salem Five Insurance. “We’ve known them for years and are acutely aware of the superior customer service they provide.”
The merger provides Philbin’s business and personal lines customers with expanded insurance offerings and coverage options. It also expands Salem Five’s presence north of Boston, where Philbin has offices in Lynnfield and Everett. Philbin had also acquired several smaller agencies over the years, so it knew what to look for when it decided to partner with Salem Five Insurance, said President Tara Philbin.
“We have always put our customers and employees first, so it was important that we partner with another agency with the same values,” Philbin said. “With Salem Five, we most definitely found that partner. I look forward to joining Salem Five Insurance with members of my team.”
Philbin is the sixth insurance agency acquired by Salem Five in the past two years. With this acquisition, Salem Five Insurance will have 85 employees in 12 locations.
Salem Five’s Other Acquisitions in Massachusetts
Salem Five began offering insurance in 2006 when it purchased Boyle Insurance Agency in Woburn from Gerard “Jay” Boyle and his brother, Brian Boyle, who serves as President of the insurance agency today. The agency now has more than eighty employees in ten locations and partners with dozens of carriers to meet its customers’ specific personal and business needs.
Since 2018, Salem Five has made five strategic acquisitions expanding the agency’s geographic footprint throughout the Greater Boston area. The following is a listing of previous acquisitions announced and reported by Agency Checklists
More about Salem Five Insurance and Salem Five Bancorp
Salem Five Insurance is a subsidiary of Salem Five Bancorp, which is also the holding company of Salem Five (www.salemfive.com), a mutual bank founded in 1855.
With almost $7 billion in assets and 35 retail branches in Essex, Middlesex, Norfolk and Suffolk counties, Salem Five divisions include Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Investment Services which offers financial and retirement income planning, portfolio review and money management; Salem Five Wealth Management & Trust offering fiduciary wealth management services to institutions and high-net-worth individuals, and Salem Five Insurance Services, which provides personal and commercial insurance.
