Starkweather & Shepley Insurance Brokerage has expanded its reach with the acquisition of MacDonald & Vaccaro Insurance Agency, a specialized insurance provider based in Burlington, Massachusetts.
Known for its expertise in professional liability and directors & officers liability insurance, MacDonald & Vaccaro specifically caters to human services organizations.
Commenting on the deal, financial terms of which were not disclosed, president Bob MacDonald said: “When we were considering potential acquirers, it was imperative that we align ourselves with a partner that has a strong commitment to human service organizations.”
Echoing the sentiment, vice president Frank DiTucci added: “Starkweather’s longstanding commitment to their clients, particularly their human service organization clients, was the deciding factor for us.”
Following the acquisition, MacDonald & Vaccaro will continue to operate from its Burlington office as a division of Starkweather & Shepley, maintaining service to its existing client base while leveraging the support of its parent firm, which is Rhode Island’s largest independent insurance agency.
Andrew Fotopulos (pictured), chairman of Starkweather & Shepley, expressed optimism about the future, saying: “We are extremely excited to have MacDonald & Vaccaro join the Starkweather team and for our organizations to collectively expand the resources afforded to our human service clients.”
The transaction follows Starkweather & Shepley’s unveiling of its AI-powered (artificial intelligence) platform aimed at streamlining the insurance procurement process while optimizing underwriter risk assessment.
“Our goal is to simplify the insurance journey,” Jessica Thayer, senior vice president and financial institutions practice leader at Starkweather & Shepley, highlighted at the time. “We want to ensure that our clients can focus on what matters most without the burdensome complexities of traditional applications.”
The firm’s new software can pre-fill insurance forms and underwriting worksheets, using a proprietary algorithm and extensive data to expedite the process.
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