Salem Five Insurance Acquires Cavanaugh Insurance Agency
Customers receive expanded offerings as Salem Five Insurance expands south of Boston
Salem, MA., December 12, 2022 – Salem Five Insurance, a subsidiary of Salem Five Bancorp, announced today that it has acquired Cavanaugh Insurance Agency, which was founded in 1977 and has offices in Norwood and Kingston.
The merger provides Cavanaugh customers with expanded insurance offerings and even more professionals to help with coverage options, while further extending Salem Five Insurance’s reach south of Boston.
“Cavanaugh Insurance Agency has an outstanding reputation on the South Shore, and we are proud to add that team to ours in an effort to better serve each other’s customers with added convenience and knowledge,” said Andrew Drayer, SVP of Strategic Growth for Salem Five Insurance.
Salem Five Insurance has more than 75 employees in eight locations, and partners with dozens of carriers to meet the specific personal and business needs of its customers. In the past two years, it has acquired three other insurance agencies – growth that has enabled it to better serve customers in the highly competitive insurance business.
“Salem Five Insurance shares our commitment to providing customers with outstanding service, while taking care of its employees,” said Kevin Cavanaugh, President of Cavanaugh Insurance. “As we looked to expand the products and advice that our customers need to protect what they value most, there was no better partner than Salem Five.”
Salem Five began offering insurance in 2006, when it purchased Boyle Insurance Agency in Woburn from Gerard “Jay” Boyle and his brother, Brian Boyle, who serves as President of the insurance agency today.
“We look forward to serving Cavanaugh customers and continuing to provide them with the quality service that they have come to expect from their insurance agency,” Brian Boyle said.
About Salem Five Insurance and Salem Five Bancorp
Salem Five Insurance is a subsidiary of Salem Five Bancorp, which is also the holding company of Salem Five (www.salemfive.com), a mutual bank founded in 1855. Whatever the need and whatever the goal, Salem Five’s banking, investment and insurance professionals have the expertise to move customers forward. Salem Five has almost $6 billion in assets and 33 retail branches in Essex, Middlesex, Norfolk and Suffolk counties. Divisions include Salem Five Mortgage Company, one of the largest mortgage lenders headquartered in New England; Salem Five Wealth Management & Trust Services which offers fiduciary wealth management services to institutions and high-net-worth individuals, financial and retirement income planning, portfolio review and money management, and Salem Five Insurance Services, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.
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