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Gallagher acquires marine insurance specialist


Arthur J. Gallagher & Co. has acquired Grand Rapids, Mich.-based Charter Lakes Marine Insurance Agency, Itasca, Ill.-based Gallagher announced Tuesday.

Charter Lakes is a retail property/casualty insurance broker, program administrator and managing general agency specializing exclusively in commercial and personal marine insurance products and services. It is one of the largest insurers of yachts, boats and passenger vessels in the United States, serving clients from offices in Michigan, Florida, Maryland, North Carolina and Texas.

Terms of the transaction were not disclosed.