LYNN — Longtime competitors in the Lynn insurance market are joining forces, with Duffy Insurance Agency acquiring Barry and O’Connor Insurance Agency.
“There’s a huge level of mutual respect, and we’ve been friendly competitors for all these years,” said Marc Duffy, Vice President of Duffy Insurance Agency. “We’re really excited about the merger.”
Marc’s father Paul, the founder of Duffy Insurance Agency, had a longstanding relationship with Jack Barry, a founder of Barry and O’Connor, as friends, neighbors, and competition, Marc said.
Now the two agencies will begin working together.
The Barry and O’Connor office (which now includes only one employee) will be integrated into the Duffy Insurance Lynn Office in Wyoma Square, and their customers will now be serviced by Duffy.
Duffy Insurance Agency is a family insurance agency that services personal and commercial insurance customers throughout Massachusetts.
In recent years, the agency has grown both internally and through the acquisition of other Massachusetts independent insurance agents.
This is one of several local acquisitions that Duffy has made since its founding, including the Connolly Insurance Agency of Peabody in 2015 and the Mary Modugno Insurance Agency of Lynn in 2012.
Michael Ryan of Insurance Agency Consulting Services LLC represented Barry and O’Connor Insurance Agency in the transaction.
The agency has office locations in Lynn, Gloucester, Peabody, Chelmsford, and Georgetown, and employs 25 people.
“We want to continue to grow but in a smart way,” said Duffy. “This purchase is a perfect example of our strategy of partnering with high quality local agents.”
Barry and O’Connor Insurance Agency has serviced the Greater Lynn Community since 1946. A recognized producer for Arbella Insurance Company’s Captain’s Table and Admiral’s Club awards, Barry and O’Connor services auto, home and business insurance customers from its Wyoma Square Lynn, location.
Julie McGinn, who runs the operations at Barry and O’Connor, will help with the transition to the Duffy office.
“She’s going to continue helping us out as necessary,” said Duffy.
Despite the growth, Duffy intends to keep the agency small and personable.
“We’re still very much a mom and pop shop,” said Marc. “We have very little employee turnover. And when customers call us, they get a very familiar voice on the line. My father’s big thing was, surround yourself with good people and treat people how you want to be treated.”
Duffy would not disclose the cost or terms of the purchase due to a confidentiality agreement.
Guthrie Scrimgeour can be reached at [email protected].
