Arthur J. Gallagher has bolstered its presence in New York with the acquisition of full-service wholesale insurance broker CMS.
The financial details of the transaction were not revealed by the companies.
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Founded in 1996, CMS specialises in offering coverage for industries like construction, importing, wholesaling, manufacturing, real estate, and personal lines.
The acquiring firm’s current team which includes Scott Charney, Rich Verdi, Michael Raab will continue to operate from their current location, Arthur J. Gallagher said.
They will report to Steve Levin, VP-Northeast Region for Risk Placement Services, a subsidiary of Arthur J. Gallagher.
Gallagher chairman, president and CEO Patrick Gallagher said: “CMS brings us strong market expertise in construction and real estate, and expands RPS’s ability to deliver standard market coverage solutions to smaller agents.
Headquartered in Illinois, Arthur J. Gallagher operates in 49 countries and offers client services in more than 150 countries through a network of brokers and consultants.
The deal comes close on the heels Arthur J Gallagher partnering with CPP for SME cyber protection.
Recently, Arthur J. Gallagher also acquired Illinois-based Affiliated Benefit Consultants for an undisclosed sum.
In January, Arthur J. Gallagher acquired 100% ownership of Capsicum Re, increasing its ownership from 33%.
In the same month, Arthur J. Gallagher bought a 60% stake in Risk Management Services, a Caribbean insurance broker.
