Heffernan Insurance Brokers completes acquisition of Costello Insurance Associates to expand aviation specialty services

Jul 09, 2024•about 1 year ago

Acquiring Company

Heffernan Insurance Brokers

Acquired Company

Costello Insurance Associates

Walnut Creek

TempeInsuranceInsuranceTravel

Description

Heffernan Insurance Brokers, one of the largest independent insurance brokerage firms in the United States, has acquired Costello Insurance Associates, adding aviation expertise to its suite of services. Costello Insurance Associates, based in Tempe, Arizona, joined as Heffernan's aviation specialty practice effective May 1, 2024. The acquisition aims to further enhance the range and quality of services offered by Heffernan in the field of aviation insurance.

Company Information

Company

Heffernan Insurance Brokers

Location

Walnut Creek, California, United States

About

Heffernan Insurance Brokers, formed in 1988, is one of the largest independent insurance brokerage firms in the United States. Heffernan provides insurance and financial services products to a range of businesses and individuals. Headquartered in Walnut Creek, Calif., Heffernan has 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. Employee-owned, Heffernan Insurance Brokers was named the Top Mid-Sized Broker in the United States to work for in 2009 by Business Insurance Magazine. The firm has been among the Top Greater Bay Area Philanthropists since 2003. For more information, visit www.heffins.com. License #0564249 SOURCE Heffernan Insurance Brokers

M&A Insights

Based on deal data

Integration timeline

70% of M&A integrations take 12-24 months to complete

Tech stack consolidation

83% of merged companies consolidate technology vendors within first year

Post-acquisition investment

Companies increase IT spending by 23% on average after acquisitions

Success factor

M&A deals with strong technology integration plans are 2.5x more likely to succeed

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