Gallagher acquires Canadian broker

Arthur J. Gallagher & Co. said Monday it has acquired Palmer Atlantic Insurance Ltd., a New Brunswick, Canada-based retail property/casualty broker.

Terms of the deal were not disclosed

Founded in 1976, Palmer Atlantic specializes in the transportation and logistics sector, Gallagher said in a statement. A Gallagher spokeswoman said Palmer Atlantic has about a dozen employees.

Palmer owner, President and CEO Joe Palmer and his associates will continue operating from their current location under Phillip Gaunce, head of Gallagher’s Atlantic Canada retail property/casualty brokerage operations, according to the statement.

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