Gallagher acquires Minnesota agency

Arthur J. Gallagher & Co. on Monday said it has acquired St. Cloud, Minnesota-based Mahowald Insurance LLC.

Terms of the transaction were not disclosed.

Mahowald is a retail insurance agency founded in 1930 and offering commercial and personal coverages, employee benefit packages and risk management services for clients in the Midwest, a statement said.

The broker’s website shows 38 employees including Bob Mahowald Jr., risk adviser, who with his team will remain in their current location under the direction of Sean Gallagher, head of Gallagher’s Great Lakes region retail property/casualty brokerage operations, and Tom Lannen, head of Gallagher's Midwest region employee benefits consulting operations, a statement said.

J. Patrick Gallagher Jr., chairman, president and CEO, said in the statement Mahowald’s health care market expertise will enhance Gallagher’s capabilities in the region.

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