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Gallagher buys Texas brokerage serving water utilities

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Arthur J. Gallagher & Co. on Friday said it has acquired Houston-based AquaSurance L.L.C., a brokerage serving Texas water utilities.

Terms of the transaction were not disclosed.

AquaSurance, founded in 2002 by Harry Peyton and Marshall Schoth, will relocate to Gallagher's Houston Galleria office under the direction of Bret VanderVoort, head of Gallagher’s South Central retail property/casualty brokerage operations, Gallagher said in a statement.

“As leaders in addressing the specific needs of water utilities, AquaSurance will be a terrific fit within our public entity practice and will expand our existing Texas water utility business,” J. Patrick Gallagher Jr. the brokerage’s chairman, president and CEO, said in the statement.

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