The deal
Arthur J Gallagher has concluded the acquisition of Hughes Insurance Agency, which is based in Queensbury, New York, US.
Based in New York, the acquired business offers complete commercial, personal, and life and health insurance services.
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The acquired business services independent enterprises and clients in north-eastern US.
It offers complete commercial, personal, and life and health insurance services.
With the conclusion of the deal, Hughes’ president, Linda Abodeely, vice-president Joe Koncikowski and the rest of the company’s team will continue to function from their present location as part of Gallagher Agency Alliance.
Gallagher Global Small Business managing director Jen Tadin will be in charge of managing the Hughes team.
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By GlobalDataWhy it matters
Arthur J Gallagher chairman, president and CEO J Patrick Gallagher Jr said: “Hughes Insurance Agency’s strong growth record, reputation for client service and market expertise will enhance our capabilities in the region.
“I am delighted to welcome Linda, Joe and their associates to Gallagher.”
The details
The latest acquisition comes after Arthur J Gallagher acquired specific assets of the retail agency business of Michigan-based insurance broker Coverys Insurance Services.
The company also took over another Ireland-based insurance broker, Keaney Insurance Brokers, recently for an undisclosed sum.
Last month, Arthur J Gallagher also entered into an agreement to acquire Cadence Insurance, the insurance operations of Cadence Bank, for a cash deal totalling $904m.
During the same time, Arthur J Gallagher bolstered its operations by acquiring Rosenzweig Insurance Agency.
A merger and acquisitions model, Gallagher Agency Alliance forges partnerships with agencies that focus on small business property and casualty (P&C) insurance, as well as employee benefits.
Gallagher currently focuses on offering insurance brokerage, risk management and consulting services in nearly 130 countries worldwide.
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