Gallagher to buy Canadian P/C broker

ITASCA, Ill.--Arthur J. Gallagher & Co. said it is buying Canadian insurance broker Lowndes Lambert Group Canada Ltd. to expand its North American capabilities.

Toronto-based Lowndes Lambert is a property/casualty retail insurance broker that provides risk management, commercial and personal lines insurance services to North American clients and specializes in products for transportation, hospitality and pharmaceutical businesses.

The company handles several lines of insurance including general liability, directors and officers liability, and product liability.

The terms of the transaction were not disclosed. Itasca, Ill.-based Gallagher said the deal is expected to close in mid-February.