Arthur J. Gallagher & Co. is acquiring Cleaveland Insurance Group, a Rock Island, Ill.-based retail insurance broker serving the middle market.
Terms of the transaction were not disclosed.
Founded in 1868, Cleaveland Insurance provides property/casualty, employee benefits and risk management insurance services to midsize businesses throughout the United States.
Cleaveland Insurance co-presidents Phyllis Schwindt and Tom McGovern and their associates will continue to operate in their current western Illinois location under the direction of Thomas J. Gallagher, chairman of international brokerage at Arthur J. Gallagher and head of its Midwest property/casualty brokerage operations, and William Ziebell, corporate vice president and head of Gallagher's North Central employee benefit brokerage and compensation consulting operations, according to a company statement.
“For more than 140 years, CIG has been providing their clients with a full range of business and individual insurance coverage. They are well known and respected in the industry for their emphasis on sales and service quality," said J. Patrick Gallagher Jr., chairman, president and CEO of Itasca, Ill.-based AJG, in the statement.
Arthur J. Gallagher is the third-largest brokerage of U.S. business, according to Business Insurance's 2013 ranking.