Arthur J. Gallagher & Co. Acquires INNOVU Group Holding Company Limited

Rhea-AI Summary

Arthur J. Gallagher & Co. announced the acquisition of INNOVU Group Holding Company Limited, a retail insurance broker based in Wexford, Ireland. Founded in 2018 by Ronan Foley, INNOVU offers various commercial and personal insurance products and financial services from seven locations in Ireland. This acquisition marks Gallagher's first presence in Ireland, aiming to expand its footprint in this growing economic region. Ronan Foley and team will remain in their current operations, under the leadership of Michael Rea, Gallagher's UK and Ireland retail operations head.

Positive

• First on-the-ground presence in Ireland, enhancing market expansion opportunities.
• Potential for increased client base and service offerings through INNOVU.

Negative

• None.

ROLLING MEADOWS, Ill., June 24, 2022 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Wexford, Ireland-based INNOVU Group Holding Company Limited ("INNOVU Insurance"). Terms of the transaction were not disclosed.

Founded by Ronan Foley in 2018, INNOVU Insurance is a retail insurance broker offering a broad variety of commercial and personal insurance products and services, as well as financial services, to clients across a diverse range of industry sectors from seven offices throughout Ireland. Ronan Foley and his associates will continue to operate from their current locations, reporting to Michael Rea, who runs Gallagher's retail property/casualty brokerage operations in the UK and Ireland.

"INNOVU gives us our first on-the-ground presence in Ireland and a fantastic opportunity to expand in this growing economic region," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We are delighted to welcome Ronan and his colleagues, and look forward to working with them to further expand their client base and service offerings."

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 130 countries around the world through its owned operations and 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 is the significance of AJG's acquisition of INNOVU Insurance?

The acquisition provides AJG its first presence in Ireland, enabling expansion in a growing economic region.

When was the INNOVU Insurance acquisition announced?

The acquisition was announced on June 24, 2022.

Who founded INNOVU Insurance and when?

INNOVU Insurance was founded by Ronan Foley in 2018.

What type of services does INNOVU Insurance provide?

INNOVU Insurance offers a variety of commercial and personal insurance products and financial services.

What are the expected impacts of AJG's acquisition on shareholders?

The acquisition is expected to enhance market presence and growth potential, benefiting shareholders.