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Arthur J. Gallagher & Co. on Wednesday said it has acquired Cary, North Carolina-based managing general agent Patent Insurance Underwriting Services Ltd. LLC and its affiliate Newlight Capital LLC.
Terms of the transaction were not disclosed.
PIUS was founded in 2016 and offers proprietary coverage allowing clients to insure certain intellectual property assets, a Gallagher statement said.
Joe Agiato, founder, president and CEO of PIUS, and his associates will remain in their current locations under the direction of Patrick Kennedy, head of Gallagher’s Northeast region retail property/casualty brokerage operations, the statement said.
Emerging companies can have substantial intellectual property assets, J. Patrick Gallagher Jr., chairman, president and CEO, said in the statement.
Rolling Meadows, Illinois-based Arthur J. Gallagher is the fourth-largest broker of U.S. business, according to the most recent Business Insurance rankings.