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Gallagher acquires specialty health care industry broker

Posted On: May. 20, 2016 12:00 AM CST

Arthur J. Gallagher & Co. has acquired McNeary Inc., a Charlotte, North Carolina-based insurance broker.

Terms of the deal were not disclosed.

McNeary was founded in 1956 and provides commercial property/casualty insurance, risk management services, and employee benefits insurance and consulting services to hospitals and the health care industry throughout the Eastern United States, Gallagher said Thursday in a statement.

In addition to Charlotte, McNeary has locations in Marietta, Georgia, and Baton Rouge, Louisiana.

McNeary President William Yaeger and the firm’s roughly 60 employees will continue to operate the company under the direction of Mitchel Brashier, head of Gallagher’s Southeastern retail property/casualty brokerage operations, and David Ziegler, head of Gallagher’s Eastern employee benefit consulting and brokerage operations, Gallagher said in the statement.

“McNeary is a wonderful example of our acquisition partner of choice,” J. Patrick Gallagher Jr., chairman, president and CEO, said in the statement. “Their Southeastern presence, depth of expertise and high-quality client service will be terrific complements to our property/casualty and employee benefits brokerage operations.”

Arthur J. Gallagher & Co. is the world’s fourth-largest insurance broker according to Business Insurance’s latest ranking.