Arthur J. Gallagher & Co. Signs Agreement to Acquire The Evans Agency, LLC

Rhea-AI Summary

Arthur J. Gallagher & Co. (NYSE:AJG) has signed a definitive agreement to acquire The Evans Agency, LLC, a subsidiary of Evans Bancorp, Inc. The acquisition is expected to close in Q4 2023. The Evans Agency is a commercial property/casualty insurance broker with expertise in public entity and scholastic services, operating in Western New York. The agency also offers personal lines and employee benefits services. This acquisition is expected to enhance Gallagher's capabilities in the region.

Positive

• The acquisition will expand Gallagher's presence and capabilities in Western New York.
• The Evans Agency's expertise in commercial property/casualty insurance, public entity, and scholastic services will complement Gallagher's operations.
• The acquisition is in line with Gallagher's strategy to strengthen its retail property/casualty brokerage operations in the Northeast region.

Negative

• None.

ROLLING MEADOWS, Ill., Nov. 7, 2023 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced it has signed a definitive agreement to acquire Williamsville, New York-based The Evans Agency, LLC, a wholly-owned subsidiary of Evans Bancorp, Inc. (NYSE:EVBN). The transaction is expected to close during the fourth quarter of 2023.

The Evans Agency is a commercial property/casualty insurance broker with public entity and scholastic expertise, serving clients throughout Western New York. The agency also offers personal lines and employee benefits services. Aaron Whitehouse and his team will operate under the direction of Patrick Kennedy, head of Gallagher's Northeast region retail property/casualty brokerage operations.

"The Evans Agency's expertise and culture are an excellent fit for our Western New York office and will enhance our capabilities in the region," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I look forward to welcoming Aaron and his associates to Gallagher."

Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

Investors: Ray Iardella, VP - Investor Relations         Media: Paul Day, Communications Manager
630-285-3661/ ray_iardella@ajg.com                        630-285-5946/ paul_day1@ajg.com

 

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SOURCE Arthur J. Gallagher & Co.

FAQ

What is the ticker symbol of Arthur J. Gallagher & Co.?

The ticker symbol is AJG.

What services does The Evans Agency, LLC provide?

The Evans Agency is a commercial property/casualty insurance broker with expertise in public entity and scholastic services, operating in Western New York. The agency also offers personal lines and employee benefits services.

Where is Arthur J. Gallagher & Co. headquartered?

Arthur J. Gallagher & Co. is headquartered in Rolling Meadows, Illinois.

When is the acquisition of The Evans Agency, LLC expected to close?

The acquisition is expected to close during the fourth quarter of 2023.

Who will operate The Evans Agency under Gallagher?

Aaron Whitehouse and his team will operate under the direction of Patrick Kennedy, head of Gallagher's Northeast region retail property/casualty brokerage operations.