Gallagher buys Ireland broker

Arthur J. Gallagher & Co. said Friday it has acquired Wexford, Ireland-based INNOVU Group Holding Co. Ltd. 

Terms of the transaction were not disclosed. 

INNOVU is a retail broker offering commercial and personal insurance products and services and financial services from seven offices in Ireland.  

Founder Ronan Foley and other employees will remain at their current locations, reporting to Michael Rea, who runs Gallagher's retail property/casualty brokerage operations in the U.K. and Ireland, a statement said.  

INNOVU has 135 employees, according to an email from a Gallagher spokeswoman. 

Rolling Meadows, Illinois-based Arthur J. Gallagher & Co. is the fourth-largest broker of U.S. business, according to the most recent Business Insurance rankings.