Global insurance brokerage and consulting services company Arthur J Gallagher has acquired Michigan-based retail insurance agency Peabody Insurance Agency.
The deal is aimed at enhancing Gallagher’s presence in the US insurance sector.
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The companies did not disclose the financial terms of the deal.
Peabody Insurance specialises in serving commercial and personal lines clients, mainly in south-east Michigan, with a focus on manufacturing, construction and multi-family real estate businesses.
Following the deal closing, the retail insurance agency will continue to operate from its existing location in south-east Michigan.
Jim Peabody and Grace Peabody-Ljoljic, along with their family and team, will work under the leadership of Gallagher Great Lakes region retail property/casualty brokerage operations head Sean Gallagher.
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By GlobalDataArthur J Gallagher chairman and CEO J Patrick said: “Peabody Insurance is a highly regarded agency with niche expertise that will enhance our retail brokerage capabilities in Michigan. I am delighted to welcome Jim, Grace, their family and associates to Gallagher.”
In addition to Peabody Insurance, Gallagher acquired Scout Benefits Group, an Oklahoma City-based company.
Scout Benefits focuses on offering employee benefits consulting with an emphasis on health plan strategies.
Scout Benefits’ Tiffany Davis, Todd Davis and the team will continue to work from their existing location, reporting to Gallagher Central region employee benefits consulting operations head Leah Vetter.
Gallagher Jr added: “Scout Benefits Group has a strong culture and industry reputation, and their capabilities in benefits consulting complement our own. I am delighted to welcome Tiffany, Todd and their associates to Gallagher.”
Furthermore, Gallagher expanded its footprint in New York last month with the acquisition of Filos Agency, a retail property and casualty insurance agency.
Arthur J Gallagher’s acquisition spree extends beyond the US with the purchase of London-based investment consultancy Redington.
The company offers a range of investment, research and technology services to clients including pension funds, wealth managers and institutional investors in the UK.
