Arthur J. Gallagher, an Illinois-based insurance brokerage, risk management and consulting services provider, has announced the acquisition of Texas-based retail insurance agency CBS Insurance for an undisclosed amount.
Set up in 1992, CBS Insurance offers property, casualty and health/benefits coverages across Texas and the surrounding region.
Peter Lauve, Steve Senter and their partners and associates will continue to be in their present location under the direction of Bret VanderVoort, who is the head of Gallagher’s South Central retail property/casualty brokerage operations.
Arthur J. Gallagher chairman, president and CEO J. Patrick Gallagher, Jr said: “CBS Insurance is a well-regarded insurance agency with a strong growth record that expands our retail insurance and consulting capabilities in Texas. I am very pleased to welcome Peter, Steve and their team to Gallagher.”
In December 2022, Arthur J. Gallagher agreed to buy the partnership interests of BCHR Holdings (Buck).
Gallagher agreed to pay a gross consideration of $660m or around $585m net of agreed seller-funded expenses and net working capital for Buck and its subsidiaries.