Arthur J. Gallagher, an insurance broker, has announced its plans to acquire AssuredPartners for $13.45 billion. The deal is subject to customary regulatory approvals and is expected to be finalized in the first quarter of 2025.
Headquartered in Rolling Meadows, Illinois, Gallagher is a global firm that offers insurance brokerage services as well as risk management and consulting services. On the other hand, AssuredPartners is a U.S.-based insurance broker with expertise in commercial property, casualty, specialty lines of coverage such as employee benefits and personal lines.
To finance this acquisition deal,Gallagher will utilize long-term debt,some short-term borrowings,and free cash along with common equity.
J.Patrick Gallagher Jr., Chairman and CEO of Arthur J.Gallagher stated,”We are excited about leveraging our industry verticals,data analytics investments,specialty products access,and standardized service model.We believe that by joining forces we can deliver even more value to our clients while positioning ourselves for future growth.” He also expressed his anticipation towards welcoming over 10 thousand colleagues from AssuredPartners into their expanding family at Arthur J.Gallagher.
