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ITASCA, Ill.Arthur J. Gallagher & Co. has entered into an agreement to acquire Toronto-based Lowndes Lambert Group Canada Ltd.
Terms of the transaction, which was expected to close this month, were not disclosed.
Lowndes Lambert has offered risk management, commercial and personal lines insurance services for 50 years. The property/casualty broker specializes in transportation, hospitality and pharmaceutical businesses.
Philip G. Kane, Lowndes Lambert's president and chief executive officer, and his associates at the firm will continue operating from their eight Canadian offices under the direction of James S. Gault, president of Itasca, Ill.-based Gallagher's Brokerage Service DivisionRetail.
Gallagher said the acquisition will expand its geographical reach and provide new business opportunities through the Canadian broker's niche practices.