Arthur J. Gallagher & Co. has expanded its presence in Australia with the acquisition of MACK Insurance Services, a regional brokerage specializing in agricultural coverage. The financial terms of the deal were not disclosed.
Headquartered in New South Wales, MACK Insurance Services operates out of Wagga Wagga and Narrandera, serving clients primarily within the farming sector.
The company was founded in 2017 by Lizzie Carver, a London native who previously held senior management positions at Chubb and Berkshire Hathaway Specialty Insurance.
Carver and her team will integrate into Gallagher’s existing Australian operations, according to a news release.
"MACK Insurance Services is a culturally aligned broker whose agriculture niche expertise complements our existing brokerage capabilities in Australia," said J. Patrick Gallagher, Jr. (pictured), chairman and CEO of Arthur J. Gallagher. "I am delighted to welcome Lizzie and her associates to our growing, global team."
MACK Insurance Services isn’t the first Australian firm Gallagher has acquired. In April, the US-based company announced the acquisition of Tresider Insurance Brokers, a property-casualty firm with expertise in manufacturing, food and beverage, biotech and agriculture. Tresidder has offices in Victoria and Queensland.
Gallagher, listed on the New York Stock Exchange under the symbol AJG, is a multinational firm offering insurance brokerage, risk management, and consulting services. The Illinois-based company operates in roughly 130 countries through a combination of owned offices and affiliated partners.
In October of last year, Gallagher announced the acquisition of Sydney-based Via Financial Group, which provides financial, wealth management and life risk advisory services.
Gallagher recently reported strong Q2 financial results, with adjusted EBITDAC rising 23% year over year to US$1.01 billion. Gallagher’s adjusted net earnings rose to US$609.1 million, up from US$511.2 million the year prior.
