WOBURN – Salem Five Insurance, a subsidiary of Salem Five Bancorp, announced that it has acquired Lynnfield-based Philbin Insurance Group, which was founded in 1989 and is one of the region’s most highly respected insurance agencies.
The merger provides Philbin’s business and personal-lines customers with expanded insurance offerings and coverage options. It also expands Salem Five’s presence north of Boston, where Philbin has offices in Lynnfield and Everett.
“Philbin’s reputation is outstanding and we’re proud to add its team to ours to better serve one another’s customers,” Andrew Drayer, senior vice president of strategic growth for Salem Five Insurance, said. “We’ve known them for years and are acutely aware of the superior customer service they provide.”
Philbin is the sixth insurance agency acquired by Salem Five in the past two years. With this acquisition, Salem Five Insurance will have 85 employees in 12 locations. Philbin had also acquired several smaller agencies throughout the years, so it knew what to look for when it decided to partner with Salem Five Insurance, President Tara Philbin said.
“We have always put our customers and employees first, so it was important that we partner with another agency with the same values,” Philbin said. “With Salem Five, we most definitely found that partner. I look forward to joining Salem Five Insurance with members of my team.”
