Arthur J. Gallagher & Co. has announced that it has acquired North Carolina-based PIUS Limited and its affiliate, Newlight Capital. The terms of the transaction were not disclosed.

Founded in 2016, PIUS (Patent Insurance Underwriting Services) is a managing general agent that offers a proprietary insurance product allowing clients to insure certain intellectual property assets.

PIUS founder and CEO Joe Agiato and his associates will remain in their current locations. They will report to Patrick Kennedy, head of Gallagher’s Northeast region retail property-casualty brokerage operations.

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“PIUS’s unique offering of insurance solutions to emerging companies that have substantial intellectual property assets is a critical product that enables clients significant opportunities for growth,” said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. “I am delighted to welcome Joe and his team to Gallagher.”