Home Economy Economic Activity FBinsure acquires 3 R.I. insurance agencies

FBinsure acquires 3 R.I. insurance agencies

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PBN Staff

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01/29/2024

FBinsure — FBINSURE OF Taunton, an independent insurance agency in partnership with broker Patriot Growth Services, has expanded their New England footprint with the acquisition of three Rhode Island insurance agencies.

TAUNTON – FBinsure, a locally based, independent insurance agency in partnership with broker Patriot Growth Services, has acquired three Rhode Island insurance agencies. The additions of Maggiacomo Insurance, Hanuschak Insurance and Gilmartin Insurance expand FBinsure’s locations across southeastern Massachusetts and Rhode Island to 17 and strengthens Patriot’s existing property/casualty insurance capabilities in the New England

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TAUNTON – FBinsure, a locally based, independent insurance agency in partnership with broker Patriot Growth Services, has acquired three Rhode Island insurance agencies. The additions of Maggiacomo Insurance, Hanuschak Insurance and Gilmartin Insurance expand FBinsure’s locations across southeastern Massachusetts and Rhode Island to 17 and strengthens Patriot’s existing property/casualty insurance capabilities in the New England marketplace. Collectively, the acquired Rhode Island insurance group provides personal and commercial insurance solutions to more than 4,000 clients. The three agency owners and their team of insurance professionals will join FBinsure. Terms of the deal were not disclosed. Representatives from FBinsure did not immediately respond to requests for comment. "We are excited to have the Maggiacomo, Hanuschak & Gilmartin Insurance agencies join the FBinsure team. We have been seeking the right partners in Rhode Island for several years, and this group of like-minded agencies shares our approach to client-focused service and an appreciation for the Patriot model, said Nicole Martorana, president of FBinsure. “Joining FBinsure, alongside the team at Patriot, reflects a desire to propel their agencies forward while maintaining relationships and delivering more to their clients. I'm confident this decision will strengthen our agency and our presence across southern New England." Each of the Rhode Island agencies has a decades-long, family-owned legacy. Providence's Maggiacomo Insurance was founded in the early 1930s and is now under the leadership of third-generation owner Tom Maggiacomo. Warwick-based Gilmartin Insurance was founded in 1960 by Joseph Gilmartin Jr. and has been led by Joseph Gilmartin III since 1995. Hanuschak Insurance has been serving clients since 1954 and is under the leadership of Dave Hanuschak in Cumberland. FBinsure, with locations in Taunton, Attleboro, Middleboro, Dighton, Rehoboth, East Freetown, New Bedford, Dartmouth, Fall River, Avon, Falmouth, Providence, Warwick and Cumberland, has 145 employees and a client base of over 35,000 personal and commercial clients. Fort Washington, Pa-based Patriot Growth Services is a national firm that partners with employee benefits and property and casualty agencies across the U.S. It is ranked as the 26th largest broker in the U.S. by Business Insurance with more than 1,800 employees operating in 132 locations across 26 states.