California-headquartered broker Relation Insurance Services reports it acquired the assets of Garrity Insurance in Cambridge, Massachusetts on Nov. 1.
Serving Massachusetts individuals and businesses for more than 100 years, Garrity has offices in Dedham, Marblehead, Salem and Belmont in addition to its headquarters in Cambridge.
Bill Garrity, president of Garrity Insurance, will continue running the day-to-day operations at the Garrity offices. Garrity said that partnering with Relation will give his team access to a more speciality products and a broader network of carriers.
Terms of the transaction were not disclosed.
Relation Insurance Services said it is actively seeking partnerships to expand. It is ranked by Insurance Journal within the top 25 largest agencies in the country by revenue and has approximately 1,350 employees across more than 137 locations nationwide. Relation is a privately held corporation backed by Aquiline Capital Partners, a private equity firm based in New York and London.
Mergers & Acquisitions
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