AJG Acquires Niche Brokerage

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By Mark E. Ruquet

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NU Online News Service, May 22, 3:57 p.m.EST?Arthur J. Gallagher & Co. is expanding its nichestrategy with the acquisition of a national brokerage firm thatspecializes in commercial agricultural risks and the newsmedia.

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The Itasca, Ill.?based broker announced yesterday theacquisition of Cornwall & Stevens Co., Inc., which took affectMay 1. Terms of the transaction were not disclosed.

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Cornwall & Stevens, established in 1898, handles all linesof property-casualty insurance for a diverse clientele, saidGallagher. The firm has a strong specialization in commercialagricultural risks and the news media.

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The company has no headquarters location. It maintains huboperations in Memphis, Tenn., Atlanta and New York City. The firmalso conducts business through employees located in the South andMidwest.

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The firm will continue to operate in these locations under theCornwall & Stevens name. Mitchel L. Brashier, Gallagher'sMid-Southern regional manager, and John D. Stancik, Gallagher'sNortheastern regional manager, will direct operations.

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Michael J. Cloherty, Gallagher's executive vice president, saidin a statement that Cornwall & Stevens "is a great complementto our niche strategy" and the firm was looking forward to blendingcapabilities to better serve clients.

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