Arthur J. Gallagher buys California insurance broker

Arthur J. Gallagher & Co. has acquired Huntington Beach, California-based Madison Risk & Insurance Services, Gallagher said Thursday.

Terms of the transaction were not disclosed.

Madison is a retail broker providing property/casualty and risk management insurance and consulting services exclusively for the health care industry, specializing in coverage for hospitals, individual and group physicians, physician assistants, health systems, nurse practitioners, and allied facilities and providers, Gallagher said in a statement.

Madison's Anthony Bowen, Kathryn Bowen and their associates will stay on under the direction of James McFarlane, head of Gallagher's western retail property/casualty brokerage operations.

“Madison has developed an outstanding reputation for its depth of industry expertise, strong market relationships and focus on quality client service,” J. Patrick Gallagher Jr., chairman, president and CEO of Arthur J. Gallagher, said in the statement.

Arthur J. Gallagher is the world's fourth-largest insurance broker, according to Business Insurance's latest ranking.