SAN agency scoops another New York firm

The purchase is the Albany-based agency’s fifth acquisition since 2014

SAN agency scoops another New York firm

Insurance News

By Ryan Smith

Albany, N.Y.-based HMS Agency, a member of the Satellite Agency Network (SAN), has announced its acquisition of Adirondack Family Insurance Services of Saratoga Springs, N.Y.

“The purchase of Adirondack Family Insurance Services supports HMS’s continued growth strategy,” said Stephen Mather, principal of HMS. “The agency’s profitable personal lines book of business and prime location were key considerations during our decision-making process.”

The purchase is the fifth acquisition by HMS since 2014. Earlier acquisitions include:

  • Castle & McLennan Insurance Agency of Ballston Spa, N.Y.
  • Monument Insurance Agency of Ballston Spa, N.Y.
  • Muller Group Insurance Agency of Ballston Spa, N.Y.
  • D.V. Greco & Sons of Schenectady, N.Y.

Mather said that each acquisition allowed HMS to expand its geographic reach into Saratoga County, which he described as a “growth hub.”

“HMS’s initial acquisition of Castle & McLennan Insurance Agency is what prompted the opening of a satellite office in Ballston Spa, N.Y.,” he said. “That’s when we made the decision to launch our market expansion into Saratoga County.”

HMS is a long-time member of SAN, an alliance of independent insurance agencies in the Northeast.

“Part of our role at SAN is to help with perpetuation planning,” said Larry Rose, senior field vice president at SAN. “The five agencies acquired by HMS have all been SAN member agencies with principals looking to get out of the business or retire. Agency acquisition within the SAN network is a win-win for both sides, and we were happy to assist Steve and agency principals in the acquisition process.”

 

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