ROLLING MEADOWS, Ill. - Arthur J. Gallagher & Co., a global insurance brokerage and risk management services firm, has expanded its operations with the acquisition of two Florida-based insurance agencies. Specialty Risk Management Services, LLC, and its affiliate, Private Client Insurance Services, LLC, both located in Fort Myers, have joined Gallagher. The financial terms of the transaction, completed today, have not been disclosed.
Specialty Risk Management Services focuses on managing property insurance programs for businesses in Florida, while Private Client Insurance Services offers expertise in commercial risks, condominium associations, and personal lines. The addition of these firms is expected to enhance Gallagher's service offerings in the Florida market, which is a strategic location for property and casualty insurance due to the state's unique risk profile.
Elaine Hawkins (NASDAQ:HWKN) and Wes Brewer, along with their team, will continue to operate from their current location. They will now report to Bumpy Triche, who oversees Gallagher's Southeast retail property/casualty brokerage operations.
J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Co., expressed enthusiasm about the acquisition, stating, "Specialty Risk Management Services and Private Client Insurance Services have a culture similar to ours and will deepen our service offerings in a key market." He also welcomed the new associates to the company.
Arthur J. Gallagher & Co., headquartered in Rolling Meadows, Illinois, operates globally, offering its services in around 130 countries. The firm is listed on the New York Stock Exchange under the ticker NYSE:AJG.
This expansion is part of Gallagher's ongoing strategy to grow its market presence through strategic acquisitions that complement its existing operations and corporate culture. The information regarding this acquisition is based on a press release statement.
InvestingPro Insights
Arthur J. Gallagher & Co. (NYSE:AJG) has shown a robust performance in the insurance sector, reflected in its financial metrics and market sentiment. With a market capitalization of $54.58 billion and a price-to-earnings (P/E) ratio standing at 32.18 for the last twelve months as of Q4 2023, the company is recognized for its stability and growth potential. Notably, AJG has a history of rewarding its shareholders, having raised its dividend for an impressive 13 consecutive years, which signals confidence in its financial health and future prospects.
InvestingPro Tips reveal that AJG is expected to experience net income growth this year, which aligns with the company's strategic acquisitions aimed at expanding its service offerings and market reach. Additionally, AJG's stock is known for low price volatility, providing a sense of reliability to investors. The company's dividend consistency is further underscored by maintaining dividend payments for 40 consecutive years, demonstrating a commitment to returning value to its shareholders.
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