HMS Agency Acquires Adirondack Family Insurance Services



Albany-Based Agency Expands Geographic Reach with Multiple Acquisitions

ALBANY, NY ⦁ October 24, 2018: HMS Agency, Inc. (HMS), a family-owned and operated insurance agency based in Albany, New York, recently announced its acquisition of Adirondack Family Insurance Services of Saratoga Springs.

“The purchase of Adirondack Family Insurance Services supports HMS’s continued growth strategy,” stated Stephen Mather, Principal of HMS. “The agency’s profitable personal lines book of business and prime location were key considerations during our decision-making process.”

The purchase agreement was finalized on July 1, 2018 and represents the fifth acquisition by HMS since 2014. Earlier procurements by HMS include:

  • Castle & McLennan Insurance Agency, LLC of Ballston Spa, NY (June 2014)
  • Monument Insurance Agency LLC of Ballston Spa, NY (January 2015)
  • Muller Group Insurance Agency, Inc. of Ballston Spa, NY (January 2015)
  • D.V. Greco & Sons, Inc. of Schenectady, NY (March 2016)

Mather noted that each acquisition bolsters HMS’s entry and expansion into new and adjacent markets, allowing them to significantly expand their geographic reach into the Saratoga county and surrounding areas. He described Saratoga county as a “growth hub,” stating “HMS’s initial acquisition of Castle & McLennan Insurance Agency is what prompted the opening of a satellite office in Ballston Spa, NY. That’s when we made the decision to launch our market expansion into Saratoga county.”

HMS is a long-time member agency of the Satellite Agency Network Group, Inc. (SAN) — the leading alliance of independent insurance agencies in the Northeast.

“Part of our role at SAN is to help with perpetuation planning,” states Larry Rose, SAN Senior Field Vice President. “The five agencies acquired by HMS have all been SAN member agencies with principals looking to get out of the business or retire. Agency acquisition within the SAN network is a win-win for both sides, and we were happy to assist Steve and agency principals in the acquisition process.”

About HMS Agency, Inc.
HMS is a full-service agency that specializes in all lines of commercial and personal insurance, in addition to offering a full range of employee benefits. Primary offices are located at 454 Sand Creek Road, Albany, NY 12205. For more information, call (518) 690-0360, email info@hmsagency.com or visit hmsagency.com.

 

Read the press release on Insurance Journal, 25 October 2018

Read the press release on Insurance Business America, 26 October 2018