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Heffernan buys 50-year Washington benefits agency to expand presence
The acquisition adds a Port Townsend agency that has served clients for more than 50 years, and it follows Heffernan's January purchase of another Washington benefits and Medicare firm.
Heffernan Insurance Brokers has acquired the assets of Kristin Manwaring Insurance Associates Inc., a Port Townsend, Washington agency that has operated for more than 50 years. The deal became effective May 1, when Manwaring and her team joined Heffernan, and no financial terms were disclosed, according to Insurance Business.
The acquired agency provides employee benefits, individual and family insurance, Medicare, and financial protection products to individuals, families, and small businesses across Washington. Manwaring said the brokerage's approach to care, client relationships, and full insurance solutions aligns with the values built over the agency's history.
Heffernan President and CEO F. Michael Heffernan said the addition deepens the firm's Pacific Northwest presence. The acquisition follows Heffernan's January purchase of Green Financial, a Washington-based employee benefits and Medicare agency, as both transactions form part of a stated push to build a benefits-focused business in the state.
The Insurance Business report also cited industry data showing that a large share of independent agency owners are considering selling, and it highlighted that private equity-backed buyers have been prominent in recent agency acquisition activity tracked by OPTIS Partners. The same piece noted Heffernan has completed more than 20 acquisitions and that its revenue is estimated at over $500 million.