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Arthur J Gallagher has been on something of an acquisition spree this year – and today it has announced the latest addition to its rapidly expanding US brokerage numbers.
The international insurance brokerage and risk management services firm has swooped for Lutgert Insurance – one of the most prominent property and casualty insurers in the region, according to a Business Observer report.
The publication states that the company will be renamed Gallagher Lutgert Insurance. The firm was founded in 1953 and is a broker and benefit consultant that deals with commercial and personal insurance – it particularly focuses on construction, hospitality, agriculture and real estate. During 2016 it boasted $16 million in revenue with around 90 employees.
“We have reached a point in our firm’s life where we must expand our capabilities and resources so that we can meet and exceed the needs of our clients and provide career opportunities for our employees,” Gallagher Lutgert Insurance President Bud Hornbeck commented in the statement. “The combination of Arthur J. Gallagher & Co. and Lutgert Insurance will fulfill both of these needs.”
Hornbeck, along with fellow executives Marc Williams, Steve Benza and their associates, will continue to operate from their offices spread from Naples to Sarasota.
Terms of the transaction were not disclosed.
