Arthur J. Gallagher & Co. Acquires Richied & Associates, Inc.

Rhea-AI Summary

Arthur J. Gallagher & Co. has acquired Richied & Associates, Inc., a property/casualty insurance agency based in Reno, Nevada. Founded in 1999, Richied & Associates serves small- to mid-market commercial clients. The acquisition aims to enhance Gallagher's retail capabilities in Nevada and create cross-selling opportunities. The agency will continue operating under its current management team, led by Scott Firestone. Gallagher, listed on the NYSE under the symbol AJG, operates in 68 countries, providing insurance brokerage and risk management services globally.

Positive

• Acquisition enhances retail property/casualty capabilities in Nevada.
• Strong cross-selling opportunities anticipated.
• Richied & Associates has a stable client base and experienced management.

Negative

• None.

ROLLING MEADOWS, Ill., Dec. 14, 2021 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Reno, Nevada-based Richied & Associates, Inc. Terms of the transaction were not disclosed.

Founded in 1999, Richied & Associates is a retail property/casualty insurance agency primarily serving small- to mid-market commercial clients, as well as families and individuals, from offices in Reno and Carson City, Nevada. Paul Richied, Tera Hodges, Cindy Fleischer and their associates will remain in their current locations under the direction of Scott Firestone, head of Gallagher's Southwest region retail property/casualty brokerage operations.

"Richied & Associates is a well-known insurance agency that expands our retail property/casualty capabilities in the state of Nevada and offers us strong cross-selling opportunities," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am very pleased to welcome Paul, Tera, Cindy and their team to Gallagher."

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 does the acquisition of Richied & Associates mean for AJG?

The acquisition strengthens AJG's retail property/casualty capabilities in Nevada and provides new cross-selling opportunities.

When was Richied & Associates acquired by AJG?

Arthur J. Gallagher & Co. announced the acquisition of Richied & Associates on December 14, 2021.

Who will manage Richied & Associates after the acquisition?

Richied & Associates will continue under its current management team, directed by Scott Firestone.

What is the significance of the acquisition for AJG's market strategy?

The acquisition is expected to boost Gallagher's presence in the Nevada insurance market and expand its service offerings.

Is the transaction value of the Richied & Associates acquisition disclosed?

The terms of the transaction have not been disclosed.