M&A Deal Summary

Brown & Brown of Massachusetts Acquires Berkshire Insurance Group

On August 24, 2021, Brown & Brown of Massachusetts acquired insurance company Berkshire Insurance Group from Berkshire Bank

Acquisition Highlights
  • This is Brown & Brown of Massachusetts’ 1st transaction in the Insurance sector.
  • This is Brown & Brown of Massachusetts’ 1st transaction in the United States.
  • This is Brown & Brown of Massachusetts’ 1st transaction in Massachusetts.

M&A Deal Summary
Date 2021-08-24
Target Berkshire Insurance Group
Sector Insurance
Buyer(s) Brown & Brown of Massachusetts
Sellers(s) Berkshire Bank
Deal Type Divestiture

Target

Berkshire Insurance Group

Stockbridge, Massachusetts, United States
Berkshire Insurance Group is a provider of insurance coverage to customers across the Northeast growing into one of the largest insurance agencies in Western Massachusetts. Berkshire Insurance Group provides personal and commercial property and casualty insurance solutions. Berkshire Insurance Group was established in 2000 and is based in Stockbridge, Massachusetts.

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Buyer(S) 1

Buyer

Brown & Brown of Massachusetts

Dedham, Massachusetts, United States
Category Company
Founded 1959
Sector Insurance
DESCRIPTION

Brown & Brown of Massachusetts offers a local, personal presence and is backed with the strength of a national organization. Brown & Brown of Massachusetts was founded in 1959 and is based in Dedham, Massachusetts.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1

Seller(S) 1

SELLER

Berkshire Bank

Boston, Massachusetts, United States
Category Company
Founded 1846
Sector Financial Services
Employees1,310
Revenue 412M USD (2023)
DESCRIPTION

Berkshire Bank is a regional bank and financial services company providing the service capabilities of a larger institution and the focus and responsiveness of a local partner to its communities. Berkshire Bank was founded in 1846 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 1 of 1
Type (Divestiture) 2 of 2
State (Massachusetts) 1 of 1
Country (United States) 2 of 2
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-11 SI Financial Group

Willimantic, Connecticut, United States

SI Financial Group, Inc. is the holding company for Savings Institute Bank and Trust Company. Established in 1842, Savings Institute Bank and Trust Company is a community-oriented financial institution headquartered in Willimantic, Connecticut. Through its 23 branch locations, the Bank offers a full-range of financial services to individuals, businesses, and municipalities within its market area.

Buy $180M
Mergr

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