Bank holding company Arrow Financial Corp. announced that Upstate Agency, LLC, a subsidiary of Arrow Bank National Association, has agreed to acquire Skene Valley Agency, Inc., an independent insurance agency in Washington County in upstate New York.
Founded in 2002, Skene Valley Agency is based in Granville, with satellite operations in Whitehall and Cambridge.
Based in South Glens Falls, Upstate Agency has been offering personal, commercial and group employee benefit insurance for more than 50 years.
Financial terms were not disclosed.
The sale is targeted to close by the end of the third quarter of 2026. Following the completion of the sale, Skene Valley Agency will merge with and into Upstate Agency, which will expand its operations in Washington County and further enhance its personal and business insurance solutions.
David S. DeMarco, president and CEO of Arrow Financial Corp., said the deal will deepen Upstate Agency’s presence in Washington County,
John Hoagland, president of Skene Valley Agency, has expanded the business over the decades and said he views joining Upstate Agency as a “natural next step.”
That said, we believe underwriting margins and overall profitability will remain sufficient to cover the sector’s cost of capital. This reflects still healthy P/C reinsuranc
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e combined ratios, solid net investment income, and strong life reinsurance earnings, provided annual natural catastrophe and large man-made losses remain within the annual budgets.
Natural catastrophes, geopolitical conflicts, and social inflation – which will continue to require robust risk and portfolio management – as well as softening prices may curb near-term growth. However, the sizable protection gap in
areas such as cyber risk, renewable energy, and data centers presents growth opportunities.
The sector’s primary risks remain insurance-related rather than asset-related. Natural catastrophe exposure and loss reserve volatility continue to be the key sources of risk, while investment risk remains significantly lower than in
the primary insurance sector. We will continue to monitor reinsurers’ exposure to less liquid assets, including private equity, real estate, and private debt.
