86 Worcester Business Journal • Book Of Lists 2016 www.wbjournal.com
Top insurance agencies
Ranked by number of producers*
Name
Number of
producers
Number of
professional
staff
Annual premium
revenue range Principal/owner
Year
founded
1
Eastern Insurance Group LLC
233 W. Central St., Natick 01760
508-651-7700 • easterninsurance.com
66 337 $671 million
Hope Aldrich
president & CEO
1936
2
Risk Strategies Co. **
446 Main St., 14th Floor, Worcester 02110
508-798-0893 • www.benefitdevelopmentgroup.com
60 500 $150 million
Michael Christian
CEO
1997
3
Marsh & McLennan Agency ***
100 Front St., Suite 800, Worcester 01608
508-852-8500 • www.mma-newengland.com
32 172 DND
Jerry Alderman
president, New England region,
property & casualty
1928 ****
4
Sullivan Insurance Group
1 Mercantile St., Worcester 01608
508-791-2241 • www.sullivangroup.com
22 31 $140 million
John T. Andreoli
president & CEO
1957
5
G.M. Abodeely Insurance Agency Inc.
135 Thompson Road, Webster 01570
508-366-1535 • www.abodeely.com
20 25 DND
William J. Abodeely
president
1940
6
Corporate Benefit Plans/Retirement Advisers
546 Main St., Worcester 01608
800-417-6353 • www.corporatebenefitplans.com
18 6 $50 million
Greg Lavelle
president & CEO
1995
7
Insurance Marketing Agencies Inc.
306 Main St., Worcester 01608
508-753-7233 • www.imaagency.com
17 31 $50 million
Peter H. Herman
president
1924
7
Murphy Insurance Agency
50 Main St., Hudson 01749
800-222-8711 • www.dfmurphy.com
17 70 DND
Dennis F. Murphy Jr.
CEO
1937
9
Northeast Insurance Agency Inc.
567 Southbridge St., Auburn 01501
508-832-0404 • www.neinsure.com
15 47 $37 million
Scott Bulger
president
1989
10
Insurance Center of New England
90 Parker St., Gardner 01440
978-632-3400 • www.icne.com
14 15 DND
William Trudeau
president & CEO
1866
11
McGrath Insurance Group Inc.
258 Main St., Sturbridge 01566
508-347-6850 • www.mcgrathinsurance.com
13 13 DND
Richard A. McGrath
president & CEO
1927
12
Braley Wellington Group
44 Park Ave., P.O. Box 15127, Worcester 01615
508-754-7255 • www.braleywellingtongroup.com
12 34 $33 million
Parker Wellington Jr.
president & CEO
1972
13
AXiA Insurance Services Inc.
2 Evergreen Lane, Suite J, Hopedale 01747
508-259-5585 • www.axiagroup.net
10 25 DND
Michael Long
CEO
2001
14
Thomas J. Woods Insurance Agency Inc.
20 Park Ave., Worcester 01605
508-755-5944 • www.woodsinsurance.com
9 12 DND
Jack Woods
president
1949
15
Herlihy Insurance Group
51 Pullman St., Worcester 01606
508-756-5159 • www.herlihygroup.com
7 20 $20 million
James Herlihy III
president
1927
16
Wolpert Insurance Agency Inc.
18 John St. Place, Worcester 01609
508-459-4700 • www.wolpert.com
6 15 $20 - $30 million
Michael Wolpert
president
1956
17
Gallant Insurance Agency Inc.
199 Great Road, P.O. Box 975, Acton 01720
978-263-3500 • www.gallantins.com
5 22 DND
Ray Gallant
president
1927
17
Gaudette Insurance Agency Inc.
1 Plummers Corner, Whitinsville 01588
508-234-6333 • www.gaudette-insurance.com
5 10 DND
Lee Gaudette
president
1926
19
Choice Insurance Agency Inc.
376 Summer St., Fitchburg 01420
978-343-4853 • www.choice-insurance.com
4 10 DND
Brian Allain
president
1992
20
George E. McKenna Insurance Agency Inc.
4 Pleasant St., Leicester 01524
508-892-8133 • www.mckennainsurance.com
3 2 $650,000
Steven Corley
president & treasurer
1928
21
Coonan Insurance Agency Inc.
267 Main St., Oxford 01540
508-987-7122 • www.coonaninsurance.com
2 5 $4 to $5 million
Thomas Coonan
president
Linda Coonan
VP, secretary & treasurer
2001
A study from the Massachusetts
Senate's Post Audit and Oversight
Committee found the process for
setting homeowners insurance
rates at the state level to be costly
to consumers, causing the
committee to recommend the
state open up about how it sets
insurance rates. Here are some of
the study's findings:
n Massachusetts premiums are
on the rise. Between 2007 and
2013, the average premium
increased by 21.6 percent,
outpacing regional inflation by
nearly nine percentage points.
n At the same time, the median
household income in
Massachusetts fell by almost 5
percent.
n Between 2004 and 2013, home
insurers in Massachusetts saw a
17.6-percent return on capital and
surplus, compared to 6.6 percent
of companies nationwide.
n The average underwriting
profit for home insurers in
Massachusetts was 16.9 percent –
13 times greater than the national
average of 1.3 percent.
-Laura Finaldi
State finds lack of
transparency in
homeowners rate-
setting process
State Sen. Michael O. Moore
(D-Millbury), who sits on the Senate
Committee on Post Audit and Oversight
Source: Each agency via survey Note: Traina & Traina Insurance Agency Inc. did not respond to the survey. DND = Did Not Disclose.
* A producer is a person licensed to sell insurance in a particular state. ** Formerly Benefit Development Group Inc. *** Formerly known as Protector Group Insurance Agency, a Marsh & McLennan
Agency Co. **** Year Protector Group Insurance Agency founded - Compiled by: Stephanie R. Meagher, smeagher@nebusinessmedia.com
