American insurance broker Arthur J. Gallagher has brokered a deal to buy G.A. Mavon and its subsidiary Mavco Insurance Agency.
Gallagher did not share the financial terms of the deal.
Hinsdale, Illinois-based G.A. Mavon, which was established in 1916, is a fourth-generation, family-run entity dealing in standard and speciality lines wholesale broking business.
G.A. Mavon’s retail insurance subsidiary, Mavco Insurance Agency was founded in 1972.
Both the firms cater to the needs of high-net-worth personal lines clients and commercial business owners, with a focus on professional lines.
Under the terms of the agreement, Arthur J. Gallagher will retain Phil Mavon and his associates, who will continue to operate from their current location.
Arthur J. Gallagher chairman, president and CEO Patrick Gallagher, Jr., said: “G.A. Mavon and Mavco Insurance Agency are well-respected businesses with a similar culture to ours that will expand our high-net-worth offerings in the Midwest region. We are very pleased to welcome Phil and his associates to our rapidly growing team.”
Phil Mavon and his team members will operate under Risk Placement Services VP of central binding region Matt Lynch and Gallagher US retail property/casualty brokerage operations president for personal lines Jeff Saunders.
Risk Placement Services is Gallagher’s US wholesale brokerage, binding authority, and programs division.
Earlier this month, the Rolling Meadows, Illinois-based insurance broker bought UK-based Churchills International Consulting, which offers employee benefits services to corporate clients, with a focus on the technology sector.