Arthur J. Gallagher & Co. Acquires North Star Insurance Services, LLC and North Star Marine Insurance Services, LLC

Rhea-AI Summary

Arthur J. Gallagher & Co. (NYSE: AJG) has acquired North Star Insurance Services, LLC and North Star Marine Insurance Services, LLC, enhancing its marine insurance capabilities. Founded in 2001, North Star specializes in marine insurance for commercial fishing and cargo vessels, serving clients nationwide. This strategic acquisition is expected to strengthen Gallagher's existing marine business through North Star's established client relationships and expertise. Key leadership from North Star will continue to operate under Gallagher's Northwest region.

Positive

• Acquisition strengthens Gallagher's marine insurance capabilities.
• North Star's established client roster complements Gallagher's existing business.
• Retention of North Star leadership ensures continuity and expertise.

Negative

• None.

ROLLING MEADOWS, Ill., Dec. 1, 2020 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Seattle-based North Star Insurance Services, LLC and Fairhaven, Mass.-based North Star Marine Insurance Services, LLC. Terms of the transaction were not disclosed.

Founded in 2001, North Star Insurance Services is a full-service marine insurance broker serving clients throughout the U.S. Their expertise spans nearly all facets of the marine industry, including hull, machinery, marine liabilities and cargo for commercial fishing, tugs and barges, shipyards and ocean-going cargo vessels. In 2014, North Star Marine Insurance Services was established in Fairhaven to address growing customer demand in that region. John Walsh, Ian Blackburn and their associates will continue operating from their current locations under the direction of Jim Buckley, head of Gallagher's Northwest region retail property/casualty brokerage operations.

"North Star brings us a widely recognized and well-respected team of marine professionals with strong carrier relationships and a client roster that complements our existing marine business," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am delighted to welcome John, Ian and their associates to Gallagher's growing global team."

Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 49 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 is the purpose of Arthur J. Gallagher's acquisition of North Star Insurance Services?

The acquisition aims to enhance Gallagher's marine insurance capabilities and strengthen its market position.

When did Arthur J. Gallagher announce the acquisition of North Star Insurance Services?

The acquisition was announced on December 1, 2020.

What impact will the acquisition have on Arthur J. Gallagher's stock performance?

The acquisition is expected to positively impact Gallagher's stock performance by expanding its marine insurance portfolio and client base.

Who are the key executives involved in the North Star acquisition?

John Walsh and Ian Blackburn will continue leading North Star under Gallagher's direction, specifically under Jim Buckley.