Arthur J. Gallagher & Co. Signs Agreement to Acquire M&T Insurance Agency, Inc.

Rhea-AI Summary

Arthur J. Gallagher & Co. has signed a definitive agreement to acquire M&T Insurance Agency, Inc. (MTIA), an indirect subsidiary of M&T Bank Corporation, headquartered in Buffalo, New York. This transaction will make Gallagher the preferred insurance broking partner of M&T Bank and is expected to close in Q4 2022, pending regulatory approval. Founded in 1955, MTIA specializes in property and casualty products, customized group benefits, and surety solutions, enhancing Gallagher's market presence in the New York region.

Positive

• Acquisition expands Gallagher's footprint in the New York region.
• MTIA's expertise and client-focused offerings enhance Gallagher's service capabilities.

Negative

• None.

ROLLING MEADOWS, Ill., Sept. 29, 2022 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced it has signed a definitive agreement to acquire Buffalo, New York-based M&T Insurance Agency, Inc. (MTIA), an indirect subsidiary of M&T Bank Corporation. In connection with the transaction, Gallagher will become the preferred insurance broking partner of M&T Bank. The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2022.

Founded in 1955 and operating under its current name since 2005, MTIA is a retail insurance agency offering an array of property and casualty products, customized group benefits and surety solutions to clients in the Northeast and mid-Atlantic. John Rumschik, Bart Kresse, Zachary Howe and their teams will operate under the direction of Patrick Kennedy, head of Gallagher's Northeast region retail property/casualty brokerage operations.

"M&T Insurance Agency has a long record of client-focused offerings and expertise, and this will help us expand our footprint in the New York region," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We look forward to welcoming John, Bart, Zachary and their associates to Gallagher."

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 significance of Gallagher's acquisition of MT Insurance Agency?

This acquisition will bolster Gallagher's presence in the New York region and establish it as the preferred insurance broking partner for M&T Bank.

When is the acquisition of MT Insurance Agency expected to close?

The acquisition is anticipated to close during the fourth quarter of 2022, subject to regulatory approval.

Who will lead MT Insurance Agency after its acquisition by Gallagher?

John Rumschik, Bart Kresse, Zachary Howe, and their teams will operate under Patrick Kennedy, head of Gallagher's Northeast region retail property/casualty brokerage operations.

What types of services does MT Insurance Agency provide?

MT Insurance Agency offers property and casualty products, customized group benefits, and surety solutions.