Providence, R.I.-based Starkweather & Shepley Insurance Brokerage Inc. has acquired McGrath Insurance Group, an independent insurance agency headquartered in Sturbridge.
According to a Jan. 19 statement from Starkweather, the firm will expand the footprint of both organizations in Central Massachusetts as well as improve service and insurance product design for customers through the acquisition. Terms of the deal were not disclosed.
McGrath, which employs 22 people, will continue to operate as a division of Starkweather & Shepley under its original name, according to the statement. McGrath employees will keep their jobs and the workforce may even grow, President and Chief Operating Officer David Soforenko said in an interview Tuesday.
“The Sturbridge area will now be one of our largest locations. We’re very comfortable with Worcester, and we’d like to expand from there,” said Soforenko.
Starkweather and Shepley also operates Insurance Professionals of New England in Sturbridge, which it acquired four years ago. The company has offices in Boston, Martha’s Vineyard, Connecticut and Florida.
Founded in 1977, McGrath offers property and casualty insurance, business insurance and employee benefits, according to its website. It has offices in Spencer as well as Sturbridge.
