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By Dana Reilly
PBN Staff Writer
EAST PROVIDENCE - Starkweather & Shepley Insurance Brokerage Inc., the state’s largest independent insurance agency, announced today that it has acquired Insurance Professionals of New England Inc., a Massachusetts-based agency. The acquisition of IPNE adds a ninth location to Starkweather & Shepley’s New England footprint.
As a result of the acquisition, the eight IPNE employees will join Starkweather & Shepley’s staff of 180. The agency will maintain its name and Sturbridge, Mass., location, while principals William Szafarowicz and Karl Krantz will continue to lead the agency as president and executive vice president respectively.
Over the last few years, Starkweather & Shepley has acquired Morton Smith Inc., C.A. Morgan, John P. Slade Agency and Martha’s Vineyard Agencies, among others, growing its presence in New England.
Chairman and chief financial officer of Starkweather & Shepley, William McGillivray, said “this acquisition expands our footprint and gives us an entrée into central Massachusetts. Insurance Professionals of New England’s expertise augments our own practice groups in health and social service agencies and not-for-profit organizations.”
The purchase price was not disclosed.