Tompkins Financial Corp. has closed on the sale of its wholly owned subsidiary, Tompkins Insurance Agencies, Inc. (TIA), to Arthur J. Gallagher & Co. for approximately $223 million in cash. The transaction generates a pre-tax gain of $183 million, the financial services firm said.
With a 150-year operating history, TIA is a retail insurance agency offering property/casualty products and employee benefits. Based in Ithaca, New York, TIA has more than 20 locations in western and central New York and in Pennsylvania.
TIA is ranked #79 among Insurance Journal’s Top 100 Independent Insurance Agencies for 2025. It reported total 2024 property/casualty revenues of more than $31.2 million and other revenue of $8.5 million.
All current leadership and direct employees of TIA have joined Gallagher, according to the announcement.
“It was in the long-term interests of the TIA employees and customers to find a partner that best positioned them for continued success well into the future. We are fully confident Gallagher is the right partner for all stakeholders. We wish all the best to the TIA team, and I extend many thanks to them for their contributions to our organization,” said Stephen S. Romaine, president and CEO, Tompkins Financial Corp.
Romaine said the financial services firm is confident it has the flexibility to invest a portion of the proceeds to replace the relative earnings of Tompkins Insurance over the near term, while also providing the capital to support strategic investments over the long term.
Gallagher is a global insurance brokerage, risk management, and consulting services firm headquartered in Rolling Meadows, Illinois. It provides services in approximately 130 countries.
Tompkins Financial Corp. is a banking and financial services company serving the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. Headquartered in Ithaca, Tompkins Financial is parent to Tompkins Community Bank.
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