Arthur J. Gallagher buys Texas broker
by David Masters
Story link: Arthur J. Gallagher buys Texas broker
Illinois-based Arthur J. Gallagher & Co, one of the world’s largest insurance brokers, has acquired Texas-based retail broker Wm. W. George & Associates Inc.
Details of the acquisition were not disclosed.
Wm. W. George & Associates, based in Dallas, was established in 1972, and offers risk management and employee benefit services, as well as commercial property, casualty, accident, and health insurance to retail firms.
Staff and management at Wm. W. George & Associates will remain in the company’s Dallas office, and will be directed by Gallagher’s south central regional retail manager.
Gallagher is the fifth largest insurance broker in the world, with brokerage revenue of $1.1 billion in 2007. It operates in 14 countries and does business in over 100 countries through correspondent brokers and consultants.
A spokesperson for Gallagher said Wm. W. George & Associates is an ‘outstanding acquisition’ that will ‘blend well’ with Gallagher’s business culture.
Gallagher’s share price rose 5 cents this morning after the acquisition was announced.