DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) has recently acquired the assets of Thomas Gregory Associates Insurance Brokers, Inc. (TGA), a specialty-lines insurance broker based in the Boston area. OneGroup, NY, Inc., a wholly owned subsidiary of Community Bank System, acquired TGA’s assets. No financial terms of the deal were disclosed. OneGroup is […]
DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) has recently acquired the assets of Thomas Gregory Associates Insurance Brokers, Inc. (TGA), a specialty-lines insurance broker based in the Boston area.
OneGroup, NY, Inc., a wholly owned subsidiary of Community Bank System, acquired TGA’s assets. No financial terms of the deal were disclosed.
OneGroup is Community Bank System’s insurance-agency subsidiary, with a team of more than 200 advisors and specialists providing risk-management services, business insurance, personal insurance, employee benefits, and human-capital consulting, as well as retirement-plan consulting through its affiliated OneGroup Retirement Advisors. It has 18 offices in New York, Pennsylvania, South Carolina, Florida, and now Massachusetts.
The TGA acquisition not only provides OneGroup with a New England presence, but also brings additional specialty-lines expertise to the subsidiary, which management expects to leverage across the broader Community Bank System customer base. “TGA is expected to give OneGroup a profile of approximately $35 million in annual revenues,” according to a Community Bank System news release.
Thomas Gregory Associates Insurance Brokers describes itself as a boutique insurance-brokerage firm that offers policy coverage and risk-management consultation to “some of the largest and most complex commercial risks in the United States.” Its areas of coverage include personal lines, technology, transportation, private equity, manufacturing, life sciences, aviation, and agriculture. TGA is located in the town of Wakefield, which is about 12 miles north of downtown Boston.
“The transaction will strengthen and complement our existing OneGroup insurance and risk management service offerings and represents an attractive opportunity to expand our insurance business in New England,” Mark E. Tryniski, said Community Bank System president and CEO, said in the release.
Community Bank System operates more than 225 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of more than $14.8 billion, the DeWitt–based banking company is among the country’s 125 largest banking institutions. In addition, the company offers comprehensive financial planning, insurance, and wealth-management services through its Community Bank Wealth Management Group and OneGroup NY operating units. It also has the Benefit Plans Administrative Services, Inc. subsidiary, which provides employee-benefits administration, trust services, collective investment-fund administration, and actuarial-consulting services nationally.
