American insurance brokerage Arthur J. Gallagher & Co has acquired Nevada-based CRES Insurance Services for an unknown sum.
CRES designs, markets and services comprehensive errors and omissions insurance. It also offers risk management services to real estate firms and professionals in the US, mainly in the Southwest.
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The CRES team will continue to operate from their existing locations in Las Vegas and San Diego under the guidance of Gallagher North American Affinity operations head Kevin Garvin.
Arthur J. Gallagher & Co chairman, president and CEO Patrick Gallagher said: “CRES’s specialised expertise and product offerings to real estate agents complement and expand our strengths in that market.
“I am very pleased to welcome Steve Sargenti and his associates to our growing global team.”
Separately, the company snapped up Queensland-based CA Insurance Brokers, a mid-market insurance broker specialised in commercial transportation, construction, earthmoving and professional risks.
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By GlobalDataFinancial terms of the transaction were not disclosed.
As part of the acquisition, the CA Insurance Brokers team will relocate to Gallagher’s Brisbane office operating under the guidance of Gallagher Specialisms managing director Paul Harvey.
Commenting on the latest development, Patrick Gallagher said: “Through this acquisition, CA Insurance Brokers gains access to a range of new markets and client product offerings, while we expand Gallagher’s presence and capabilities in the Brisbane market.”
Earlier this year, Arthur J. Gallagher & Co purchased a minority stake in Malaysia-based SP&G Insurance Brokers.
The company also acquired the remaining stake in Capsicum Reinsurance Brokers this year, increasing its ownership from 33% to 100%.
