Business
Tompkins Financial Corporation Announces Sale of Tompkins Insurance Agencies, Inc. to Arthur J. Gallagher & Co.
ITHACA, N.Y., November 03, 2025--Tompkins Financial Corporation (NYSE American: TMP)
About this update from Tompkins Financial Corporation
[{"type":"text","content":"ITHACA, N.Y., November 03, 2025--(BUSINESS WIRE)--Tompkins Financial Corporation (NYSE American: TMP)","length":101,"tagName":"p"},{"type":"text","content":"Tompkins Financial Corporation ("Tompkins" or the "Company") announced today that it has closed on the sale of its wholly owned subsidiary, Tompkins Insurance Agencies, Inc. ("TIA") to Arthur J. Gallagher & Co. ("Gallagher") (NYSE: AJG) for approximately $223 million in cash, subject to customary purchase price adjustments. The transaction generates a pre-tax gain of $183 million.","length":427,"tagName":"p"},{"type":"text","content":"With a 150-year operating history, TIA is a retail insurance agency offering property and casualty products and employee benefits solutions in Pennsylvania and New York. TIA has grown to be one of the top 100 insurance agencies in the country, which reflects the hard work and focus of its employees. All current leadership and direct employees of TIA have joined Gallagher. Through Gallagher, TIA will serve the customers throughout the Tompkins footprint, leveraging the resources of Gallagher's global brokerage and insurance services operations.","length":553,"tagName":"p"},{"type":"text","content":""It was in the long-term interests of the TIA employees and customers to find a partner that best positioned them for continued success well into the future. We are fully confident Gallagher is the right partner for all stakeholders. We wish all the best to the TIA team, and I extend many thanks to them for their contributions to our organization," said Stephen S. Romaine, President and CEO, Tompkins Financial Corporation.","length":436,"tagName":"p"},{"type":"text","content":""We are confident our balance sheet provides us with the flexibility to invest a portion of the proceeds to replace the relative earnings of Tompkins Insurance over the near term, while also providing the capital to support strategic investments over the long term," continued Romaine.","length":295,"tagName":"p"},{"type":"text","content":"Gallagher (NYSE: AJG), a global insurance brokerage, risk management, and consulting services firm, is headquartered in Rolling Meadows, Illinois. It provides services in approximately 130 countries around the world through its owned operations and a network of correspondent br...