Patriot Growth Insurance Services has acquired US-based independent insurance agency Paul B. Sullivan Insurance Agency for an undisclosed sum.
National insurance services firm Patriot expects the acquisition to expand its property and casualty capabilities in the states of Massachusetts and Rhode Island in the US.
Paul B. Sullivan Insurance president Ed Sullivan said: “We wanted to ensure our clients could continue to work with the same people they have trusted for years, while gaining access to additional beneficial products and services.
“This was the right partnership for our clients and employees, and the benefits will be felt for years to come.”
Established in 1956, Paul B. Sullivan Insurance provides personal and business insurance with service to nearly 6,000 clients.
Patriot, which is backed by GI Partners and Summit Partners, said that the new partnership will be supported by its FBinsure (FB) platform.
Independent agency FBinsure, which was recently acquired by Patriot, offers property and casualty insurance products throughout the Northeast.
Currently, FBinsure comprises a total of 11 locations throughout Bristol and Plymouth Counties. It has primary office in Taunton and additional locations in Attleboro, Middleboro, Dighton, Rehoboth, East Freetown, New Bedford, and Dartmouth.
Paul B. Sullivan Insurance is the 11th acquisition for FBinsure since 2008.
Patriot founder and CEO Matt Gardner said: “We are thrilled to continue to grow the FBinsure platform with the addition of the Paul B. Sullivan partnership.
“Patriot looks forward to providing resources, support, capital, and supplemental leadership to enhance the products and client services for this fast-growing agency.”