Gallagher completes acquisition of AssuredPartners
Arthur J. Gallagher has closed the previously announced acquisition of AssuredPartners.
“I am extremely excited to welcome our new colleagues to Gallagher,” said J. Patrick Gallagher, chairman and chief executive. “Together, we will further build upon our client-centric, entrepreneurial cultures and utilise our product and industry expertise, extensive data, innovative analytical tools, outstanding service, and broad product offerings to provide our clients with the very best insurance and risk management solutions. I am confident the combination will deliver tremendous value to our clients and our shareholders.”
AssuredPartners is a leading US insurance broker with client capabilities across commercial property/casualty, specialty, employee benefits and personal lines. AssuredPartners serves a wide range of customers including commercial, public entity and individuals, through offices located across the US, the UK and Ireland.
According to the company the benefits of the Transaction are expected to include:
• Further expanding Gallagher's retail middle-market property/casualty and employee benefits focus across the US.
• Building on new business opportunities by utilising Gallagher's expertise, data and analytics and expansive product offerings
• Deepening Gallagher's capabilities across multiple niche practice groups, including transportation, energy, healthcare, government contractors and public entity
• Expanding the reach of Gallagher's tuck-in M&A strategy
• Creating opportunities for Gallagher's wholesale, reinsurance and claims management businesses
• Adding scale, expertise and talent to Gallagher in the UK and Ireland
• Combining two highly compatible entrepreneurial, sales-based cultures, embedded in local communities and focused on growth and client service
• Adding highly seasoned, experienced and proven insurance industry leaders to the Gallagher team
• Financially attractive, with estimated double digit adjusted EPS accretion including the impact of synergies
Gallagher financed the transaction with net proceeds from previously disclosed equity and debt financing transactions.
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