Arthur J. Gallagher & Co. said late Friday that it has completed the previously announced acquisition of policy renewal rights from Liberty Mutual's middle-market commercial property-casualty business in their Midwest and Southeast regions.
Gallagher also acquired the policy renewal rights from Wausau Signature Agency, Liberty Mutual's commercial p-c and employee benefits insurance agency headquartered in Wausau, Wisconsin.
The Itasca, Ill.-based insurance broker was one of three insurance brokers to acquire portions of Liberty Mutual's middle-market commercial business back in January. The others include Hub International, based in Chicago and USI Holdings Corp. headquartered in Briarcliff Manor, N.Y.
Hub said it completed its deal for Liberty Mutual's business on Feb. 27 and acquired business in the states of Arizona, Arkansas, California, Colorado, Hawaii, Kansas, Louisiana, Nebraska, Oklahoma, Utah and Texas. The business is being integrated into the firm's current regional brokerage network.
While financial terms were not released, Gallagher said in January that its portion of the deal could reach $164 million in premium.
In an interview with National Underwriter at the time of the announcement, J. Paul Condrin, president of Liberty Mutual's Commercial Markets, said the total deal involves $2.5 billion in premium.
The Boston-based insurer retired the Wausau brand and its direct agent sales to this market, and is now seeking relationships with independent agents Mr. Condrin said.
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