Broker Patriot Growth expands in New England with acquisition
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Acquisitive brokerage Patriot Growth Insurance Services LLC has bought FBinsure LLC, a Taunton, Massachusetts-based independent insurance agency.
Terms of the deal, which is Patriot’s largest since its 2019 launch, were not disclosed.
FBinsure, which has about 100 staff and 10 offices in southeastern Massachusetts, places commercial property/casualty insurance, personal lines coverage and employee benefits.
“Our partnership with FBinsure is the culmination of a two-year search to find the right team to serve as Patriot’s foundation in the critical New England marketplace,” said Matt Gardner, CEO of Fort Washington, Pennsylvania-based Patriot.
Private-equity backed Patriot is the 53rd largest broker of U.S. business, with more than $65 million in brokerage revenue, according to Business Insurance’s most recent ranking.
The brokerage completed 18 acquisitions in 2020.
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