Arthur J. Gallagher buys MGA Insurance Group
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Insurance broker Arthur J. Gallagher & Co. has acquired MGA Insurance Group of Lakewood Ranch, Florida, Gallagher said in a statement Wednesday.
Terms of the transaction were not disclosed.
MGA Insurance Group, established in 1989, is a national program administrator providing affinity and association program products and services for independent insurance and financial service contractors in the U.S., including professional liability and other affinity products such as life, ancillary health, business service discounts and training, Itasca, Illinois-based Gallagher said in a statement.
MGA will continue to be headed by Lou Marinaccio, and his team will continue to operate from their Lakewood Ranch location under the direction of Kevin Garvin, head of Gallagher's North American affinity operations.
“We continue to look for new partners that will add to our specialty products and services capabilities, expand our geographic presence and fit well within our culture, and MGA has all of these qualities,” J. Patrick Gallagher Jr., chairman, president and CEO, said in a statement. “MGA's strong client and insurance carrier relationships, solid underwriting expertise, national presence and deep knowledge of the affinity insurance space make them an outstanding addition to our U.S. affinity operations.”
The deal marks Gallagher's second buy in a week, as it acquired Heritage Insurance Management Ltd. on May 21.
