Arthur J. Gallagher & Co. Acquires MGC Group and AAFBC

Rhea-AI Summary

Arthur J. Gallagher & Co. announced the acquisition of Corporate Insurance Analysts, Inc. (MGC Group) and The Agents Association of FB Companies (AAFBC) on January 4, 2023. The terms of the transaction were not disclosed. MGC Group and AAFBC provide guaranteed issue group insurance benefits for independent contractors across various U.S. states. The acquisition aims to enhance Gallagher's Affinity product offerings. John Matthews and his team will operate under Kevin Garvin, head of Affinity North America. Gallagher serves clients in around 130 countries.

Positive

• Strategic acquisition enhances Gallagher's Affinity product offerings.
• MGC Group and AAFBC provide complementary services to Gallagher's existing operations.

Negative

• None.

ROLLING MEADOWS, Ill., Jan. 4, 2023 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Corporate Insurance Analysts, Inc., dba MGC Group, and The Agents Association of FB Companies (AAFBC). Terms of the transaction were not disclosed.

Founded in 2004, MGC Group and AAFBC provide association guaranteed issue group insurance benefits to captive independent contractors across multiple U.S. states. John Matthews and his team will operate under the direction of Kevin Garvin, head of Affinity North America for Gallagher's retail property/casualty brokerage operations.

"MGC Group and AAFBC are highly-regarded businesses whose product offerings complement Gallagher Affinity's existing footprint," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am very pleased to welcome John and his associates to our growing, global company."

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	Media:  Paul Day
VP - Investor Relations	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 purpose of Gallagher's acquisition of MGC Group and AAFBC?

The acquisition aims to enhance Gallagher's Affinity product offerings and expand its market presence.

When was the acquisition of MGC Group by Gallagher announced?

The acquisition was announced on January 4, 2023.

What services do MGC Group and AAFBC provide?

They offer guaranteed issue group insurance benefits for independent contractors across multiple U.S. states.

Who will lead the operations of MGC Group after the acquisition?

John Matthews and his team will operate under Kevin Garvin, head of Affinity North America.

How does this acquisition impact AJG's market reach?

It is expected to enhance AJG's market reach by adding complementary services to its existing offerings.