Arthur J. Gallagher & Co. said it will acquire Toronto-based Lowndes Lambert Group Canada, Ltd. Financial terms of the transaction were not released.
The Itasca, Ill.-based insurance broker said the deal is expected to close in mid-February.
Lowndes Lambert Group is a Canadian property-casualty retail insurance broker offering risk management, commercial and personal lines insurance services to their North American client base.
They also specialize in insurance products for transportation, hospitality and pharmaceutical businesses, according to Gallagher.
Philip G. Kane and 90 associates will continue to operate from their eight Canadian locations under the direction of James S. Gault, president of Gallagher's brokerage services division-retail, Gallagher announced.
"Philip G. Kane, current president and chief executive officer of Lowndes Lambert Group, said his firm's coast-to-coast Canadian exposure and highly experienced team will help expand Gallagher's North American capabilities, and Gallagher will "bring significant value through their capital resources and market position."
"[Lowndes Lambert's] client dedication, niche practices and solid Canadian presence will be an excellent addition to our Gallagher team," said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. "We are thrilled at the prospect of working together to expand our North American footprint and extremely pleased to welcome Philip and his associates to our growing Gallagher family of professionals."
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