Arthur J. Gallagher & Co. has announced the acquisition of Pennsylvania-based Preston-Patterson Co. Terms of the transaction were not disclosed.
Preston-Patterson, founded in 1947, is a retail property-casualty insurance broker that offers coverages and services to broadcasters and media clients throughout the US. They also serve other commercial clients and personal-lines clients, with a focus on coastal property exposures along the Atlantic coast. Stephen, John and Stuart Patterson and their associates will initially remain in their current locations in Conshohocken, Penn., and Barnegat Light, N.J. They will report to Dan Tropp, head of Gallagher’s Mid-Atlantic retail property-casualty broker operations.
“Preston-Patterson is a well-established, family-run business with deep expertise in serving broadcasters and media, which will further expand Gallagher’s existing capabilities in that area,” said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. “I am delighted to welcome them to Gallagher.”