Independent insurance brokerage Heffernan Insurance Brokers has expanded its services to include aviation insurance expertise by snapping up Costello Insurance Associates for an undisclosed sum.
Based in Tempe, Arizona, Costello is now Heffernan’s aviation specialty practice, which operates under the group’s Phoenix branch office. Founded in 1991 by seasoned pilot and flight instructor Pat Costello, the agency serves clients nationwide.
The acquired firm specializes in insurance coverage for various types of aircraft, including jets, gliders, drones, and offers services to operations such as flying clubs, flight schools, and airports. Pat Costello, along with five employees, will serve both new and existing clients while generating cross-selling opportunities with Heffernan’s current aviation customers.
The founder noted: “Costello Insurance Associates joined Heffernan Insurance Brokers with the understanding we could complement each other. Every indication is that will be the case, and the clients will benefit.
“What stands out is how helpful and nice the people at Heffernan are. The Costello staff and I feel truly fortunate to become a part of the family.”
F. Michael Heffernan, president and chief executive of Heffernan, expressed his satisfaction with the acquisition, saying: “We’re pleased to expand our Phoenix metropolitan area footprint with the addition of Costello Insurance Associates.
“Costello’s aviation expertise is a welcome addition to our existing specialty practices. The knowledge and experience of Pat and his team are well respected in the industry, and we’re excited to have them onboard.”
Meanwhile, as Heffernan continues to grow, the company seeks to partner with other privately held independent brokers across the US. Those who are interested are advised to contact corporate development director Matt McKenna at 925-746-7962 or [email protected].
Trading since 1988, Heffernan is headquartered in Walnut Creek, California, with offices in San Francisco, Petaluma, Menlo Park, Truckee, Bakersfield, Woodland Hills, Los Angeles, and Irvine, CA; Phoenix, AZ; Portland, OR; Seattle and Olympia, WA; St. Louis, MO; and London, UK.
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