Arthur J
Gallagher & Co has now bought an Urbana, Ill., retail broker for an undisclosed amount.
Founded in 1859, Brown Hobbs & McMurray (BHM) is a retail insurance broker providing commercial property/casualty, employee benefits, risk management consulting and personal lines insurance services to clients in the Midwest.
“BHM has a great reputation for its level of expertise, outstanding client service, and middle-market client focus,” said J. Patrick Gallagher, Jr., President and CEO of Arthur J. Gallagher & Co. “Their Champaign/Urbana footprint and strong carrier relationships will help expand our central Illinois presence.
BHM is being billed as a key acquisition for Gallagher & Co. as it seeks to grow its presence in the Midwest.
Thomas Brown, Paul Hobbs, William Hobbs, Dick and Rich McMurray, and their associates will continue to operate in Urbana under the direction of Michael Pesch, head of Gallagher’s Midwest region retail property/casualty brokerage operation.
The Urbana team is just the latest to take Gallagher up on its offer.
Last week the NYSE-listed company acquired Australian insurance broker Strathearn Insurance Group Pty Ltd., again for an undisclosed amount.
The Perth-based brokerage is focused on commercial insurance and risk management services to mid-market companies as well as larger clients with complex coverage demands.
Arthur J. Gallagher & Co. has made several brokerage buys over the last couple years to bolster its book.
Those moves mirror similar spending sprees across the global insurance world as carriers and producers look for revenue growth beyond the more-meagre organic growth offered by mature markets.
