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Arthur J. Gallagher & Co. on Monday said it has acquired broadcast and media specialist Preston-Patterson Co. Inc.
Terms of the transaction were not disclosed.
Conshohocken, Pennsylvania-based Preston-Patterson offers a “broad range of coverages and services to broadcasters and media clients throughout the United States,” Gallagher said In a statement. Gallagher said the brokerage also serves other commercial clients, as well as personal lines clients with a particular focus on coastal property exposures along the Atlantic Seaboard.
“Preston-Patterson is a well-established family-run business with deep expertise in serving broadcasters and media, which will further expand Gallagher’s existing capabilities in that area,” Gallagher Chairman, President and CEO J. Patrick Gallagher Jr. said in the statement.
The acquisition comes as part of a flurry of year-end acquisition activity by Gallagher, which has announced 10 deals in the past four weeks.
Arthur J. Gallagher is the world’s fourth-largest insurance brokerage, according to Business Insurance’s latest ranking.
Arthur J. Gallagher & Co. Inc. has acquired a 40% stake in Jakarta, Indonesia-based broker PT IBS Insurance Broking Service and 100% of its affiliated reinsurance broker, IBS Re Singapore.