Albany, N.Y.-primarily based HMS Agency, a member of the Satellite Company Network (SAN), has introduced its acquisition of Adirondack Loved ones Insurance policies Providers of Saratoga Springs, N.Y.
“The purchase of Adirondack Family members Insurance Expert services supports HMS’s ongoing expansion tactic,” claimed Stephen Mather, principal of HMS. “The agency’s profitable personalized lines e book of business enterprise and key area were being important things to consider for the duration of our determination-earning course of action.”
The obtain is the fifth acquisition by HMS because 2014. Earlier acquisitions include:
- Castle & McLennan Insurance policy Company of Ballston Spa, N.Y.
- Monument Insurance policies Company of Ballston Spa, N.Y.
- Muller Group Insurance policies Agency of Ballston Spa, N.Y.
- D.V. Greco & Sons of Schenectady, N.Y.
Mather mentioned that each and every acquisition allowed HMS to expand its geographic attain into Saratoga County, which he explained as a “growth hub.”
“HMS’s initial acquisition of Castle & McLennan Insurance plan Agency is what prompted the opening of a satellite office environment in Ballston Spa, N.Y.,” he explained. “That’s when we built the choice to start our marketplace expansion into Saratoga County.”
HMS is a lengthy-time member of SAN, an alliance of unbiased coverage agencies in the Northeast.
“Part of our function at SAN is to assist with perpetuation preparing,” mentioned Larry Rose, senior discipline vice president at SAN. “The five agencies obtained by HMS have all been SAN member companies with principals wanting to get out of the small business or retire. Company acquisition within the SAN community is a earn-get for both equally sides, and we were being joyful to guide Steve and company principals in the acquisition approach.”