Expansions, retirements drive insurance agency mergers
Updated Feb 08, 2021;
Posted Feb 08, 2021
Roger Butler Jr. is the principal at Roger E. Butler Insurance in downtown Westfield. (Don Treeger / The Republican)
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The Dowd Agencies, a 120-year-old Holyoke institution, recently announced its purchase of the J. Raymond Lussier Insurance Agency of West Springfield, which was founded in 1975.
And Greylock Insurance, the insurance arm of Greylock Federal Credit Union, has bought the Roger Butler Insurance Agency in Westfield, a fourth-generation family company founded in 1902.
The purchases continue a trend of consolidation in an industry once dominated by long-established family-owned businesses.
The Massachusetts Association of Insurance Agents has 1,120 members today down from 1,241 in 2017. The overwhelming majority of that decrease is due to mergers and acquisition activity, said Nicholas A. Fyntrilakis, president and CEO of the agent’s association.