NU Online News Service, Aug. 3, 12:15 p.m. EDT
Arthur J. Gallagher & Co. said it has acquired the Portland, Maine, and Cranston, R.I., operations of wholesale broker Gresham & Associates Inc., headquartered in Atlanta, Ga. Financial terms were not released.
AJG, based in Itasca, Ill., said the two acquisitions are managing general agencies and wholesale insurance brokers providing insurance products for independent insurance agents and brokers throughout the northeastern United States.
The offices, with 16 employees, will operate as Risk Placement Services-Portland and Risk Placement Services-Cranston. The associates will continue at their current location under the direction of Joel Cavaness, president of Risk Placement Services Inc., a subsidiary of Arthur J. Gallagher & Co., the company said.
"Part of our acquisition strategy is to extend our geographic footprint to those areas where we have new sales opportunities," said J. Patrick Gallagher Jr., chairman, president and chief executive officer, in a statement. "This expansion into New England gives us the ability to increase our wholesale and MGA sales and services capabilities within the six-state region."
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