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Global insurance brokerage Arthur J. Gallagher (AJG) has announced its acquisition of Ottawa-based Leystone Insurance & Financial. Terms of the deal were not revealed.
Leystone was founded in 2001 and offers employee benefits and retirement consulting services, specializing in individual life insurance and investment strategies, for clients across the province of Ontario.
“Leystone Financial is a well-regarded firm with similar core values that will strengthen Gallagher’s footprint in Ottawa, Canada’s capital,” said J. Patrick Gallagher, Jr., AJG chairperson, president, and CEO.
As part of the deal, Leystone founders David McCulloch and Darryl Phippen, and their associates will continue to operate from their current location under the direction of Leslie Lemenager, head of Gallagher’s international employee benefits consulting and brokerage operations.
During the second quarter this year, AJG saw a 59% surge in its net earnings at US$128 million, compared to US$82.4 million for the corresponding period last year.
“We delivered another outstanding quarter of operating performance and are optimistic about the remainder of the year,” said Gallagher.
“During the second quarter, we generated double-digit revenue growth, organic revenue growth of 6.6% within our core brokerage and risk management segments, completed 12 mergers for nearly $150 million in annualized revenues, expanded margins, and grew total company earnings per share,” he added.
