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Arthur J. Gallagher & Co. said it has acquired a Waite Park, Minnesota, retail insurance broker known for its construction expertise.
Itasca, Illinois-based Gallagher said Monday that it has purchased Charles Allen Agency Inc. for an undisclosed sum.
Founded in 2010, Charles Allen provides commercial surety bonding and insurance services — including property, general liability and workers compensation coverage — in the Midwest and specializes in construction industry coverage.
Charles Allen CEO Mark Gresser and his associates will continue to operate from their current location under the direction of Michael Pesch, head of Gallagher's Midwest region retail property/casualty operation, Gallagher said in a statement.
“Their construction expertise and Minnesota presence will be a wonderful complement to our Midwest region,” J. Patrick Gallagher Jr., Gallagher's president and CEO, said in the statement.
“We are excited about becoming part of the Gallagher organization,” Mr. Gresser said in an interview, while declining to go into detail.
No decision has been made about the Charles Allen brand, a Gallagher spokeswoman said in an email.
The purchase is the latest for the acquisitive Gallagher. Last week, the brokerage said it acquired Oklahoma City-based Capitol Benefits Group, an employee benefits insurance broker that provides employee benefits insurance products and consulting services to small and middle-market businesses and individual clients in the U.S.
Gallagher is the world's fourth-largest broker, according to the latest Business Insurance ranking.
Chubb Ltd. is launching an expanded construction industry practice for midsize construction firms.