Arthur J. Gallagher & Co. brokerage announced it has acquired wholesale insurance broker and managing general agent AVRECO from The Park Group Inc. Terms of the deal were not released.

Itasca, Ill.-based Gallagher said the acquisition was completed Monday and that Chicago-based AVRECO specializes in niche markets with a significant medical malpractice and professional liability department.

It said the firm also deals in nonprofit and for-profit D&O, employment-related practices, property coverage for both large accounts and packages, general casualty and excess liability, and provides products for independent insurance agents and brokers throughout the United States. AVRECO was founded in 1962.

William Yurek, president of AVRECO, and 35 associates will continue to operate from their current locations in Chicago and San Diego under the direction of Joel Cavaness, president of Risk Placement Services Inc., a subsidiary of Gallagher.

J. Patrick Gallagher Jr., chairman, president and chief executive officer of Gallagher, said AVRECO has been successful because the company has a “team-based approach to service,” extensive and unique brokering capabilities, and a specialization strategy.

A spokeswoman said AVRECO's niche products complement Risk Placement Services' existing products.

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