102 Worcester Business Journal | Book of Lists 2017 | wbjournal.com
F O C U S P R O F E S S I O N A L S E R V I C E S
Top insurance agencies
Ranked by number of producers
1
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
70 360 $760 million
Hope Aldrich
president & CEO
1936
2
Risk Strategies Co.
2
446 Main St., 14th Floor, Worcester 02110
508-798-0893 • www.benefitdevelopmentgroup.com
60 1,000 $225 million
Michael Christian
CEO
1997
3
McGrath Insurance Group Inc.
3
258 Main St., Sturbridge 01566
508-347-6850 • www.mcgrathinsurance.com
50 185 $425 million
Larry Keefe
chairman & CEO
1927
4
4
Braley Wellington Group
44 Park Ave., P.O. Box 15127, Worcester 01615
508-754-7255 • www.braleywellingtongroup.com
34 34 $33 million
Parker Wellington Jr.
president & CEO
1972
5
Marsh & McLennan Agency
5
100 Front St., Suite 800, Worcester 01608
508-852-8500 • www.MMA-NE.com
32 172 DND
Jerry Alderman
president, New England Region,
property & casualty
1928
6
6
Sullivan Insurance Group
1 Mercantile St., Worcester 01608
508-791-2241 • www.sullivangroup.com
22 35 DND
John T. Andreoli
president & CEO
1957
7
Insurance Marketing Agencies Inc.
306 Main St., Worcester 01608
508-753-7233 • www.imaagency.com
21 32 $60 million
Peter H. Herman
president
1924
8
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
9
Corporate Benefit Plans/RetirementAdvisers.net
546 Main St., Worcester 01608
800-417-6353 • www.corporatebenefitplans.com
18 4 $50 million
Greg Lavelle
president & CEO
1995
10
Murphy Insurance Agency
50 Main St., Hudson 01749
800-222-8711 • www.dfmurphy.com
17 70 DND
Dennis F. Murphy Jr.
CEO
1937
11
Northeast Insurance Agency Inc.
567 Southbridge St., Auburn 01501
508-832-0404 • www.neinsure.com
15 49 $39 million
Scott Bulger
president
1989
12
AXiA Insurance Services Inc.
2 Evergreen Lane, Suite J, Hopedale 01747
508-259-5585 • www.axiagroup.net
14 25 DND
Michael Long
CEO
2001
13
Insurance Center of New England
7
90 Parker St., Gardner 01440
978-632-3400 • www.icne.com
10 50 DND
William Trudeau
president & CEO
1866
14
Thomas J. Woods Insurance Agency Inc.
20 Park Ave., Worcester 01605
508-755-5944 • www.woodsinsurance.com
8 12 DND
Jack Woods
president
1949
15
Herlihy Insurance Group
51 Pullman St., Worcester 01606
508-756-5159 • www.herlihygroup.com
7 25 $22 million
James Herlihy III
president
1927
16
Gaudette Insurance Agency Inc.
1 Plummers Corner, Whitinsville 01588
508-234-6333 • www.gaudette-insurance.com
6 29
More than $20
million
Lee Gaudette
president
1926
16
Wolpert Insurance Agency Inc.
18 John St. Place, Worcester 01609
508-459-4700 • www.wolpert.com
6 15 $30 million
Michael Wolpert
president
1956
18
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
In February, four months shy of
his first anniversary as CEO of The
Hanover Insurance Group, Joseph
M. Zubretsky unveiled Hanover
2021.
The reorganization plan came
on the heels of news the
Worcester property-and-casualty
insurance firm lost
$13.5 million in
the fourth
quarter and
saw its annual
profit decline
by more than
half in 2016.
The plan consol
-
idated the compa-
ny's commercial, middle market
and personal lines under a new
division, Hanover Agency Markets,
expanded its specialty business to
be managed as a separate divi
-
sion, and formed a new unit
focused on innovation across all
business lines, according to a
company statement. Some mem
-
bers of the executive team were
reassigned to new posts under the
reorganization, but The Hanover
said the leadership team remained
largely intact.
It was Zubretsky's first major
initiative at The Hanover, which he
joined after leaving his post as
CEO of Healthagen Holdings, a
subsidiary of health insurance
giant Aetna. In the statement,
Zubretsky predicted the plan
would result in increases in reve
-
nue and earnings for sharehold-
ers, and generate top-quartile
returns on equity over the next five
years.
The Hanover's first-quarter
earnings results released in May
were somewhat disappointing with
profits falling 42 percent year-
over-year, and net income declin
-
ing to $45.2 million, compared to
$78.2 million a year earlier. But
the company attributed that to
higher-than-expected catastrophe
losses in the Midwest. Total reve
-
nue in the first quarter increased
nearly three percent to $1.3 bil-
lion, and domestic business grew.
- Emily Micucci
The Hanover's
five-year plan
Joseph M.
Zubretsky.
