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Arthur J. Gallagher & Co. has agreed to buy M&T Insurance Agency Inc., a nearly $40 million agency that is a subsidiary of M&T Bank Corp.
Gallagher will also become the preferred insurance broking partner of the bank, the broker said in a statement Thursday.
Buffalo, New York-based M&T Insurance Agency is the 86th-largest brokerage of U.S. business, according to Business Insurance’s most recent ranking. In 2021, it reported $37.5 million in brokerage revenue.
The agency has about 140 employees and 13 offices. Commercial retail brokerage accounts for 78.5% of its revenue, employee benefits 18.3% and personal lines 3.3%.