18 August 2014Asset management analysis

AJG escalates expansion efforts

Arthur J. Gallagher & Co. has announced the double acquisition of Cowles & Connell based in Brewster, NY and Meriden, CT; and certain assets of Minvielle & Chastanet Insurance Brokers (MCIB) located in the Eastern Caribbean.

Terms of the transactions have not been disclosed.

Established in 1892, Cowles & Connell is a managing general agent and wholesale insurance broker providing excess and surplus, P&C, professional business liability and other specialty insurance products and services to their independent retail insurance broker clients throughout the US. Jo Ann Peri and her associates will continue to operate under the direction of Joel Cavaness, president of Risk Placement Services, Inc., a subsidiary of AJG.

"Cowles & Connell is widely respected in the industry for their innovation, depth of experience, and dedication to client service.  Not only do they add to our wholesale geographic footprint, but their talented sales culture brings with it years of specialty product knowledge which enables them to handle and match hard to place risks with the appropriate markets," says J. Patrick Gallagher, Jr., president and CEO.

MCIB is a full service insurance broker and risk management firm that provides property, casualty, health, risk management and reinsurance services to its clients throughout the eastern Caribbean.  Roddy Clarke and his associates will lead this operation from its current locations in St. Lucia, Barbados, Dominica, St. Vincent and Antigua under the direction of Matthew Pragnell, head of CGM Gallagher Group based in Kingston, Jamaica.

"MCIB is well-regarded within the industry for its quality client service and strong culture.  They will provide additional scale to our existing operations and will also expand our presence into Antigua and Dominica," says Gallagher. "MCIB will be a terrific complement to CGM Gallagher Group as we continue to successfully grow our footprint in this region.  We are pleased to welcome Roddy and his colleagues to our Gallagher family of professionals."