Gallagher buys North Carolina-based agency

Arthur J. Gallagher & Co. said Tuesday it has acquired a North Carolina-based regional managing general agency.

Gallagher said in a statement that Wilmington, North Carolina-based Hanover Excess & Surplus, which was established in 1970, offers hard-to-place coastal commercial and personal property/casualty coverages as well as professional liability coverages to clients in Georgia, North Carolina, South Carolina and Virginia.

Terms of the transaction were not disclosed.

Hanover President Matt Letson and his associates will continue to operate from their Wilmington location under the direction of Joel Cavaness, head of Risk Placement Services Inc., Gallagher’s U.S. wholesale brokerage operation, Gallagher said in its statement.

Last year, Gallagher was the most active publicly owned brokerage in terms of merger & acquisition activity, purchasing 33 firms, compared with 36 deals in 2018.