EAST PROVIDENCE – Already in growth mode, Starkweather & Shepley Insurance Brokerage Inc. just got a little bigger.
The firm announced Wednesday that it has acquired Revens-Gates Insurance Inc. of North Kingstown. The price was not disclosed.
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For East Providence-based Starkweather & Shepley, it was another case of the mid-sized brokerage absorbing a smaller one.
Earlier this year, Starkweather & Shepley acquired the Wilson Agency Inc., based in Shelton, Conn. Last fall, Starkweather & Shepley acquired Cape Cod-based Byrne Insurance Group.
Within the past year, Starkweather & Shepley also opened an office in Palm Beach Gardens, Fla., through a partnership with Florida-based O’Neill & Co. Insurance Group.
Starkweather & Shepley now has more than 250 employees spread across offices in several states.
The firm’s network includes two offices in Rhode Island (East Providence and now North Kingstown); three offices in Connecticut (Bristol, Shelton and Pawcatuck); four offices in Massachusetts (Westwood, Sturbridge, Sagamore Beach, and Martha’s Vineyard); two offices Florida (Palm Beach Gardens and Fort Myers); and an office in Virginia (Virginia Beach).
Meanwhile, Revens-Gates will retain its six-member staff, including principals Mark Revens and Peter Gates, Starkweather & Shepley Chairman and CEO Larry Keefe told Providence Business News.
For the time being, the Revens-Gates office in North Kingstown will retain its name and operate as a division of Starkweather & Shepley. The office will eventually close and the Revens-Gates name will be dropped, Keefe said.
He said the firm intends to relocate the Revens-Gates employees to some of Starkweather & Shepley’s other offices.
Starkweather & Shepley was founded in 1879. Revens-Gates was founded in 1999.
Keefe said Revens-Gates had been on Starkweather & Shepley’s “list” of potential acquisitions for a long time when Revens and Gates approached the firm about rolling their operation into Starkweather & Shepley.
Keefe said Starkweather & Shepley gained nearly 2,000 policyholders from the acquisition. Both firms sell personal and commercial lines of insurance.
In a statement, Keefe said: “We couldn’t be more pleased to have Mark and Peter joining forces with us as we celebrate 140 years in business.”
Revens said Starkweather & Shepley shares his firm’s “core values of commitment to community and respect for our valued clients.”
Gates added: “We expect to expand our ability to offer the most competitive insurance products while continuing to provide exceptional service to our clients.”
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com
