Arthur J Gallagher & Co AJG revealed that it has purchased Charles Allen Agency, Inc., which is a retail insurance broker offering commercial surety bonding, as well as insurance services. However, the company did not disclose the details of the transaction.
According to Arthur J Gallagher, Mark Gresser, as well as, his associates would continue to function from their Waite Park location. Its head of Midwest region retail property/casualty brokerage operation, Michael Pesch, would continue to oversee the operations from Waite Park location.
The company's Jr. Chairman, President and CEO, Patrick Gallagher, said "The CAA team is well known for their industry experience, strong market relationships and quality client service." He added, "Their construction expertise and Minnesota presence will be a wonderful complement to our Midwest Region. We look forward to working with Mark and his colleagues, and we welcome them to our growing Gallagher family of professionals."
Shares of the company traded higher by 0.67 percent on Monday.
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