Patriot Growth, FBinsure swoop for Rhode Island agencies

Deal expands companies' New England footprint

Patriot Growth, FBinsure swoop for Rhode Island agencies

Insurance News

By Ryan Smith

Patriot Growth Insurance Services and FBinsure, an independent agency in partnership with Patriot, have announced that they have acquired Rhode Island-based Maggiacomo Insurance, Hanuschak Insurance, and Gilmartin Insurance.

The deals bring FBinsure’s total acquisitions to 17 since 2008 and expand its footprint into Rhode Island. It also strengthens Patriot’s property-casualty insurance capabilities in New England.

Providence-headquartered Maggiacomo Insurance was founded in the early 1930s and is now led by third-generation owner Tom Maggiacomo, Patriot said in a news release. Warwick-based Gilmartin Insurance was founded in 1960 by Joseph Gilmartin Jr. and has been led by Joseph Gilmartin III since 1995. Hanuschak Insurance in Cumberland was launched in 1954 and is currently under the leadership of Dave Hanuschak.

Collectively the Rhode Island Insurance Group, the three agencies serve more than 4,000 clients.

“We are excited to have the Maggiacomo, Hanuschak and Gilmartin insurance agencies join the FBinsure team,” said Nicole Martin, president of FBinsure. “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.

“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.”

Last month, Patriot announced the acquisition of Connecticut-based Blueprint Benefit Advisors. In May of last year, the national firm announced that it had partnered with Georgia-based Sherrill & Company.

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