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Customers receive expanded offerings as Salem Five expands south of Boston
Salem Five Insurance is just south. A subsidiary of Salem Five Bancorp announced today that it has acquired Cavanaugh Insurance Agency. Based on the South Shore, the company was founded in 1977 and has offices in Norwood and Kingston.
“Cavanaugh Insurance Agency has an excellent reputation on the South Coast, and we are proud to have that team join us in an effort to provide each other with added convenience and knowledge to better serve each other,” said Andrew Dreyer, SVP of Strategic Development for Salem Five. Insurance.
The merger provides even more professionals to assist Cavanaugh clients with expanded insurance offerings and coverage options, while further expanding Salem Five Insurance’s reach south of Boston.
“Salem Five Insurance shares our commitment to providing excellent customer service by taking care of its employees,” said Kevin Cavanaugh, president of Cavanaugh Insurance. “As we looked to expand the products and advice our customers need to protect the things they value most, there was no better partner than Salem Five.”
“We look forward to serving Cavanaugh customers and continuing to provide them with the quality service they expect from their insurance company,” said Brian Boyle.
Salem Five Projects for Massachusetts
Salem Five began offering insurance in 2006 when it purchased Boyle Insurance Agency in Woburn. Gerard “Jay” Boyle and his brother Brian Boyle, who today serves as president of the insurance company. The agency now has more than 75 employees in eight locations and partners with dozens of carriers to meet the specific personal and business needs of its clients.
With the appointment of Andrew Dreyer as SVP of strategic development in early 2021, Salem Five signaled a new plan to increase its presence throughout Massachusetts. In the past two years, the company has acquired three other agencies, one of which is also located in Norwood. See the May 4, 2021 Agency Checklists article, “Salem Five Insurance acquires Ambrose & Grant Insurance Agency.”
In addition to focusing on acquiring independent insurance companies in Massachusetts, Salem Five is focused on building its insurance management team. A SVP/Director of Insurance Operations, as well as a VP/Director of Analytics. Those who are interested in knowing more about Salem Five Insurance Plans, January 2021 Mr. Check out our interview with Dreyer.A Q&A with Andrew Dreyer: Salem Five Insurance’s New Senior VP of Agency Acquisitions and Strategic Development.”
Other recent Salem Five Insurance acquisitions
Following is a list of Salem Five Insurance’s most recent acquisitions:
More about Salem Five Insurance and Salem Five Bancorp
Salem Five Insurance is a subsidiary of Salem Five Bancorp, the holding company of Salem Five (www.salemfive.com), a mutual bank established in 1855.
Salem includes five divisions, with nearly $6 billion in assets and 35 retail branches in Essex, Middlesex, Norfolk and Suffolk counties. Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Investment Services offers financial and retirement income planning, portfolio analysis and money management; Salem Five Wealth Management & Trust provides trusted wealth management services to corporations and high net worth individuals, and Salem Five Insurance Services provides personal and business insurance.
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