Arthur J Gallagher & Co has announced the acquisition of Washington, Iowa-based Horak Insurance.
Terms of the deal between Horak and Arthur J Gallagher were not disclosed.
Horak is a retail property and casualty insurance agency serving commerical and personal lines clients. In addition, it offers policies to farms.
Paul Horak, Luke Horak and their team will remain in their current locations under the leadership of Ryan Isaacs, head of Gallagher’s Midwest region retail P&C brokerage operations.
“Horak Insurance has a long-standing reputation in the communities they serve and provides significant growth opportunities for our business in Iowa,” said J. Patrick Gallagher, Jr., chairman and CEO. “I am delighted to welcome Paul, Luke and their associates to Gallagher.”
The insurer has made a number of deals already this year.
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Based in Concord, New Hampshire, the Rowley Agency is a retail insurance broker known for its property/casualty, surety, as well as employee benefits product offerings.
The company, which was established in 1966, caters to both commercial and personal lines clients, mainly across the New Hampshire, Maine, Vermont, and Massachusetts regions in the US.
The latest transaction will allow Arthur J Gallagher & Co to bolster its portfolio across all the four key markets in the northeastern US.
Also, Gallagher Re bought Toronto-based company MGB, bolstering its reinsurance solutions for the medical sector.
Financial details of the deal were not revealed.
MGB offers reinsurance solutions to health maintenance organisations (HMOs), managing general underwriters (MGUs) and insurance companies.