Arthur J. Gallagher & Co. has bought Chicago-based Tave Risk Management (Tave RM), the latest in the series of acquisitions made by the US-based insurance company.

The financial terms of the transaction were not disclosed.

Tave RM was founded in 2000 and operates as a retail property/casualty broker and risk advisory firm.

The company’s service portfolio includes a range of risk placement, loss forecasting, risk management cost allocation and risk financing services to large and mid-sized clients across several industry verticals.

As agreed, Tave RM founder Ruth Tave and her associates will continue to operate from their current location under the new ownership. They will report to Gallagher’s Midwest region retail property/casualty brokerage operations head Ryan Isaacs.

Arthur J. Gallagher & Co. chairman, president and CEO J. Patrick Gallagher, Jr. said: “Tave Risk Management brings us a highly specialized team with deep expertise in managing complex, high-profile risks.

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“I am delighted to welcome Ruth and her associates to our growing, global company.”

Headquartered in Rolling Meadows, Illinois, Arthur J. Gallagher & Co. is a global insurance brokerage and risk management services firm.

The company has presence in 68 countries.

Recently, it completed the acquisition of Willis Towers Watson’s (WTW) treaty reinsurance brokerage operations.

In October, Arthur J. Gallagher’s subsidiary Risk Placement Services (RPS) acquired Florida-based SeaCoast Underwriters.