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Arthur J. Gallagher & Co. has acquired Parsippany, N.J.-based RPA Insurance Services LLC and Innovative Coverage Concepts LLC, Gallagher said in a statement Tuesday.
Terms of the transactions were not disclosed.
RPA Insurance Services is focused on insurance and risk management services to the restaurant and hospitality industry from offices in New Jersey, California, Colorado, Pennsylvania and Florida, the statement said.
Innovative Coverage Concepts is a program manager and managing general agency focused exclusively on specialized insurance programs for restaurants of all types throughout the United States, the statement said.
Dean Carras, president and CEO of RCA, and his team will continue to operate in their current locations, reporting to Dan Tropp, head of Gallagher's mid-Atlantic retail property/casualty brokerage operations, and Joel Cavaness, head of Gallagher's U.S. wholesale brokerage operations, the statement said.
RPA Insurance Services LLC and Innovative Coverage Concepts LLC were sister companies with a common owner. The firms have a total of about 70 staff, a Gallagher spokeswoman wrote in an email to Business Insurance.
"RPA and ICC are clear leaders in the restaurant insurance space, a focus which fits well with our niche strategy," J. Patrick Gallagher Jr., Gallagher chairman, president and CEO, said in the statement.
U.S.-based insurance broker Arthur J. Gallagher and Co. has purchased Australia-based AgriRisk Services Pty Ltd. to expand its farm and agribusiness operations down under, Compelo reported. AgriRisk Services provides rural and farm insurance products and services to rural firms and large agribusiness companies in Australia.