Arthur J. Gallagher & Co. has signed an agreement to acquire all of the policy renewal rights from Liberty Mutual's middle-market commercial property/casualty business located in their Midwest and Southeast regions. Gallagher is also acquiring the policy renewal rights and hiring the national producer group from Wausau Signature Agency, Liberty Mutual's commercial property/casualty and employee benefits insurance agency headquartered in Wausau, Wisc.
Gallagher expects to hire approximately 75 Liberty Mutual producers. The Wausau transaction will add approximately 120 new insurance sales professionals to Gallagher's retail commercial property/casualty brokerage operation.
The definitive agreement includes an initial payment in cash and stock of approximately $44 million and additional payments in cash or stock that is based on revenues generated in the two year period beginning 12 months after closing. The maximum amount of the additional payments is $120 million.
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