Bank Sells Tompkins Agencies to A. J. Gallagher for $223 Million

Core Insights - Tompkins Financial Corp. has sold its subsidiary Tompkins Insurance Agencies, Inc. to Arthur J. Gallagher & Co. for approximately $223 million in cash, resulting in a pre-tax gain of $183 million [1][5]. Company Overview - Tompkins Insurance Agencies, Inc. (TIA) is a retail insurance agency with a 150-year history, offering property/casualty products and employee benefits, and is based in Ithaca, New York [2]. - TIA operates more than 20 locations across western and central New York and Pennsylvania, and is ranked 79 among Insurance Journal's Top 100 Independent Insurance Agencies for 2025 [2]. - In 2024, TIA reported property/casualty revenues exceeding $31.2 million and additional revenues of $8.5 million [2]. Transaction Details - All current leadership and direct employees of TIA will join Gallagher following the acquisition [3]. - The CEO of Tompkins Financial Corp. expressed confidence that Gallagher is the right partner for TIA's employees and customers, emphasizing the long-term interests of all stakeholders [4]. Future Strategy - Tompkins Financial Corp. plans to utilize a portion of the proceeds from the sale to replace the earnings from Tompkins Insurance in the near term and to support strategic investments in the long term [5]. - Gallagher is a global insurance brokerage and risk management firm, providing services in approximately 130 countries [5].