Arthur J Gallagher makes double acquisition

The acquisition-spree just keeps on coming for one of the biggest names in insurance broking

Insurance News

By Paul Lucas

Do not panic – this is not a repeat edition of Insurance Business. However, you might have thought so given that it was just yesterday that we told you about Arthur J Gallagher acquiring Regency Group, and now the brokerage giant is at it again.

The company has announced a double swoop – with two acquisitions, one here in the US and one abroad.

The first is in San Francisco, California, where Arthur J Gallagher has acquired Altman & Cronin Benefit Consultants (A&C).

The newly acquired firm is an actuarial employee benefits consultancy that offers retirement and administration services to middle and large institutional clients throughout the United States. It specializes in actuarial valuation and retirement plan design with a focus on the professional and service industries. Ian Altman and his colleagues will continue to operate from their San Francisco location under the direction of Norbert Chung, head of Gallagher’s Western employee benefits consulting and brokerage operations.

“The A&C team is highly regarded for their depth of experience as well as their commitment to anticipate and provide solutions that cover the special needs of each client. They also emphasize a quality approach to client service, which matches our culture,” said J. Patrick Gallagher, Jr., Chairman, president and CEO.

“In addition, their strong expertise in retirement and actuarial services, and solid industry relationships, will be terrific complements to our growing employee benefits consulting and brokerage operations.”

That news broke late yesterday and it wasn’t long before the company was issuing more news to the media.

Just this morning, it announced a further acquisition – this time of Argentis based in London, England.

Founded in 2005, Argentis is a financial planning and employee benefits consultant that provides benefit and wealth management services to private and corporate clients. It specializes in corporate employee benefits consulting and individual wealth management services, including investment solutions, executive pensions, estate planning, insurance protection and retirement planning.

“The Argentis team has the expertise, professional partnerships and high-quality service that we value in an acquisition partner,” said Gallagher, Jr.  “In addition, their strong presence in England and their team-based sales culture will be terrific complements to our growing UK employee benefits consulting operation.”

Terms of both transactions were not disclosed.

Related Stories:
Arthur J Gallagher reveals Regency Group acquisition
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