Gallagher acquires New York-based wholesale insurance broker

Gallagher acquires New York-based wholesale insurance broker | Insurance Business America

Gallagher acquires New York-based wholesale insurance broker

Global insurance brokerage, risk management and consulting services firm Arthur J. Gallagher & Co. has announced its acquisition of wholesale insurance broker CMS, LLC.

Based in Melville, NY, CMS is a full-service wholesale broker working with agents across the United States. The team specializes in placing coverages for construction, importing, wholesaling/distributing, manufacturing, and real estate businesses, as well as personal lines.

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CMS president and chief executive officer Scott Charney, executive vice president Rich Verdi, and chief financial officer Michael Raab will continue to operate in their current location under the direction of Steve Levin, vice president – Northeast region at Risk Placement Services, Inc. (RPS), a subsidiary of Gallagher.

“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,” said J. Patrick Gallagher, Jr., chairman and chief executive officer of Gallagher. “We are very pleased to welcome Scott, Michael, Rich and their associates to our growing global team.”

Terms of the transaction were not disclosed.