International insurance coverage brokerage and consulting providers firm Arthur J Gallagher has acquired Michigan-based retail insurance coverage company Peabody Insurance coverage Company.
The deal is geared toward enhancing Gallagher’s presence within the US insurance coverage sector.
The businesses didn’t disclose the monetary phrases of the deal.
Peabody Insurance coverage specialises in serving industrial and private strains shoppers, primarily in south-east Michigan, with a give attention to manufacturing, development and multi-family actual property companies.
Following the deal closing, the retail insurance coverage company will proceed to function from its present location in south-east Michigan.
Jim Peabody and Grace Peabody-Ljoljic, together with their household and workforce, will work below the management of Gallagher Nice Lakes area retail property/casualty brokerage operations head Sean Gallagher.
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Arthur J Gallagher chairman and CEO J Patrick mentioned: “Peabody Insurance coverage is a extremely regarded company with area of interest experience that can improve our retail brokerage capabilities in Michigan. I’m delighted to welcome Jim, Grace, their household and associates to Gallagher.”
Along with Peabody Insurance coverage, Gallagher acquired Scout Advantages Group, an Oklahoma Metropolis-based firm.
Scout Advantages focuses on providing worker advantages consulting with an emphasis on well being plan methods.
Scout Advantages’ Tiffany Davis, Todd Davis and the workforce will proceed to work from their present location, reporting to Gallagher Central area worker advantages consulting operations head Leah Vetter.
Gallagher Jr added: “Scout Advantages Group has a robust tradition and trade status, and their capabilities in advantages consulting complement our personal. I’m delighted to welcome Tiffany, Todd and their associates to Gallagher.”
Moreover, Gallagher expanded its footprint in New York final month with the acquisition of Filos Company, a retail property and casualty insurance coverage company.
Arthur J Gallagher’s acquisition spree extends past the US with the acquisition of London-based funding consultancy Redington.
The corporate affords a spread of funding, analysis and know-how providers to shoppers together with pension funds, wealth managers and institutional traders within the UK.
