Arthur J. Gallagher & Co. Acquires G.A. Mavon & Co. and Mavco Insurance Agency, Inc.

Rhea-AI Summary

Arthur J. Gallagher & Co. announced the acquisition of G.A. Mavon & Co. and its subsidiary Mavco Insurance Agency, enhancing its presence in the Midwest region. Founded in 1916, G.A. Mavon & Co. specializes in high-net-worth insurance and commercial business solutions. The acquisition aligns with Gallagher's strategy to expand its high-net-worth offerings, with Phil Mavon continuing operations under Gallagher's leadership.

Positive

• Acquisition expands Gallagher's high-net-worth offerings in the Midwest.
• G.A. Mavon & Co. and Mavco Insurance Agency are well-respected firms with a similar culture to Gallagher.
• Continued operation under existing leadership fosters stability and growth.

Negative

• None.

ROLLING MEADOWS, Ill., April 19, 2022 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Hinsdale, IL-based G.A. Mavon & Co. and its Mavco Insurance Agency, Inc. subsidiary. Terms of the transaction were not disclosed.

Founded in 1916, G.A. Mavon & Co. is a fourth-generation, family-run, standard and specialty lines wholesale broker. Mavco Insurance Agency, founded in 1972, is its retail insurance agency subsidiary. Both firms serve the insurance needs of high-net-worth personal lines clients, as well as commercial business owners, with a focus on professional lines. Phil Mavon and his associates will continue to operate from their current location under the direction of Matt Lynch, VP-Central Binding Region for Risk Placement Services, Inc., Gallagher's US wholesale brokerage, binding authority and programs division, and Jeff Saunders, President of Personal Lines for Gallagher's US retail property/casualty brokerage operations.

"G.A. Mavon and Mavco Insurance Agency are well-respected businesses with a similar culture to ours that will expand our high-net-worth offerings in the Midwest region," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We are very pleased to welcome Phil and his associates to our rapidly growing team."

Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 68 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.

Investors:  Ray Iardella	Media:  Linda J. Collins
VP - Investor Relations	VP- Corporate Communications
630-285-3661/ ray_iardella@ajg.com	630-285-4009/ linda_collins@ajg.com

 

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SOURCE Arthur J. Gallagher & Co.

FAQ

What did Arthur J. Gallagher & Co. announce on April 19, 2022?

Arthur J. Gallagher & Co. announced the acquisition of G.A. Mavon & Co. and its subsidiary Mavco Insurance Agency.

What is the significance of the acquisition of G.A. Mavon & Co. for AJG?

The acquisition enhances AJG's presence in high-net-worth offerings in the Midwest region.

Who will manage the operations of G.A. Mavon & Co. after the acquisition?

Phil Mavon and his associates will continue to manage operations under Gallagher's leadership.

Is the transaction value of the acquisition disclosed?

No, the terms of the transaction were not disclosed.