Arthur J. Gallagher Acquires American Wholesalers Underwriters, No Terms Disclosed
Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of American Wholesalers Underwriting, Ltd. in Stamford, Connecticut. Terms of the transaction were not disclosed.
Established in 1994, American Wholesalers Underwriting, Ltd. (AWU) is a managing general agent and program manager which provides commercial property/casualty insurance products and services to their independent insurance agent and broker clients throughout the United States. They specialize in program coverage for the durable and non-durable goods wholesale distribution space. John Shea and his associates will continue to operate from their Stamford and Bonita Springs, Florida locations under the direction of Joel Cavaness, President of Risk Placement Services, Inc., a subsidiary of Arthur J. Gallagher & Co.
"AWU's successful growth stems from their strong underwriting expertise and quality client-focused culture which makes them an outstanding merger partner. They also have superior carrier relationships that are so important when placing specialty risks for their broker clients," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "Their wealth of specialty program products and service capabilities will be a terrific addition to Risk Placement Services' expanding wholesale network. We are extremely pleased to welcome John and his team to Risk Placement Services' family of professionals."
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