Arthur J. Gallagher & Co. said it has signed a definitive agreement to acquire substantially all the assets of William Gallagher Associates Insurance Brokers, Inc.
Terms of the deal were not disclosed. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2015. WGA, headquartered in Boston has annualized revenues of about $50 million.
Founded in 1983, WGA provides commercial retail P&C and employee benefits insurance brokerage and consulting services to middle-market and large, fast-growth clients with complex insurance needs. In the retail P&C space, it specializes in coverage for the High Tech, Life Science, Financial Institution, Healthcare, Real Estate and Renewable Energy industries. Its employee benefits business provides specialty expertise in underwriting, communications, data analytics, and compliance and wellness services.
Philip Edmundson, Patrick Veale and their associates will operate from their current Boston, Atlanta, New York City, Columbia, Md., Hartford, Conn., and Princeton, N.J. locations under the direction of Douglas Brown, head of Gallagher’s Northeastern retail property/casualty brokerage operations, and David Ziegler, head of Gallagher’s Eastern employee benefit consulting and brokerage operations.
“The WGA acquisition gives us a wonderful opportunity to significantly expand our operating platform in the Eastern US and market presence in two of our core businesses. Their growth strategy, operating structure and sales culture are all very similar to ours, which should make for a successful integration process,” said J. Patrick Gallagher, Jr., chairman, president and CEO. “With our combined resources, we will also be able to offer additional and expanded sales and service capabilities to our P&C and benefits clients. We are extremely pleased to welcome Phil, Pat and their colleagues to our growing Gallagher family of professionals.”
“Joining Arthur J. Gallagher & Co. brings new resources and global reach to our clients,” said Philip Edmundson, chairman and CEO of William Gallagher Associates. “Their great reputation for integrity, growth, and being one of the best places to work in this or any industry leaves me and my colleagues excited about this merger.”
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in 30 countries and offers client-service capabilities in more than 140 countries around the world through a network of correspondent brokers and consultants.
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