Adding to its portfolio of agencies in Massachusetts, Relation Insurance Services, Inc. announced its acquisition of one of Massachusetts oldest independent agencies, Garrity Insurance.
“We joined Relation knowing that this partnership would enable us to better serve our customers,” Bill Garrity, President of Garrity Insurance said. “Partnering with Relation will allow us to tap into great resources of specialized expertise and a broad network of carrier relationships to truly offer our customers the very best coverage.”
“By partnering with such a reputable and experienced company as Garrity, Relation has greatly enhanced its footprint in the East,” Tim Hall, Executive Vice President and Head of M&A for Relation said, “Garrity brings tremendous experience in risk management solutions to Relation, and we are excited to welcome their team to ours.”
Serving Massachusetts individuals and businesses for almost a century
Founded in 1923, T. Edmund Garrity & Co., Inc. has been serving its community for just shy of 100 years. Since its inception, it has grown into a full-service agency with clients throughout New England. In addition to the agency’s headquarters in Cambridge, Garrity has four other locations in Dedham, Marblehead, Salem and Belmont.
According to the terms of the transaction, which went into effect on November 1st, Bill Garrity, President, will continue running the day-to-day operations at the Garrity offices as part of the Relation family of brands. No further terms of the transaction were disclosed.
Relation’s presence in Massachusetts
Founded in 2007 as Ascension Insurance, Relation is a specialty insurance brokerage firm focused on the middle-market. Headquartered in Walnut Creek, California, it boasts 75 locations and more than 800 employees nationwide.
While a relatively unknown name in New England, currently Relation is ranked as one of the ten most active buyers of insurance agencies in 2021 by OPTIS Partners. The Insurance Journal also ranked Relation as one of the largest agencies in the nation as ranked by revenue. The company made its first foray into Massachusetts in April of 2021, with the announcement of its acquisition of Santo Insurance & Financial Services.
A portfolio company of Aquiline Capital Partners
According to the company’s website, Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London. Founded in 2005, Aquiline was started by Jeff Greenberg, the former chairman, and chief executive officer of Marsh & McLennan, and invests in businesses globally across the financial services and technology industries.
Other portfolio companies of Aquiline Capital Partners include ERS Insurance (a Lloyd’s underwriting business (Syndicate 218)), Simply Business, Carpe Data, Hippo, Validus Holdings, and Conning.