Arthur J. Gallagher & Co. (AJG) announced it has acquired Illinois-based Nicoud Insurance Services. Terms of the deal were not disclosed.
Nicoud is a property and casualty broker that provides coverage to personal and commercial clients across the United States. It also provides employee benefits consulting services and has established a niche among financial institutions, senior care and health care providers, as well as automotive service providers.
“Nicoud is highly regarded for its specialized offerings in such areas as financial institutions, and their excellent market relationships,” Patrick J. Gallagher, AJG president, chairman and chief executive said in a Nasdaq report.
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AJG reported $445 million in net earnings last year, a 12% jump over the same period in 2015 in its unaudited consolidated earnings results report published by Bloomberg. Earnings prior to adjustments reached $850 million, a 9% jump over the $771 million reported last year.
Bloomberg also reported that its recent investments in the emerging clean energy industries are notable, and are forecast to net between $117 million to $133 million this year. The additional income from the proceeds of these investments will be used to support the firm’s ongoing development roadmap, which involves undertaking strategic mergers and acquisitions to support its core brokerage and risk management operations, as well as fostering organic growth within its organization.
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