Arthur J. Gallagher & Co. has announced the acquisition of Dawson & Keenan Insurance Ltd., a retail insurance brokerage based in Sault Ste. Marie, Ontario. The terms of the transaction were not disclosed.
Dawson & Keenan Insurance serves both personal and commercial lines clients across Northern Ontario, a news release noted. As part of the acquisition, Larry Day and his team will continue to operate from their current location under the leadership of Dave Partington, who heads Gallagher’s Canadian retail property/casualty brokerage operations.
“Dawson & Keenan Insurance has a long-standing reputation in the region and will provide growth opportunities for our retail brokerage operations in Canada,” said J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Co. “I am delighted to welcome Larry and his associates to Gallagher.”
Founded in 1927 and headquartered in Rolling Meadows, Illinois, Arthur J. Gallagher & Co. is a global insurance brokerage, risk management, and consulting services firm. The company operates in approximately 130 countries through its owned operations and a network of correspondent brokers and consultants.
The company reported strong financial results for Q3 2024, with total revenue reaching $2.77 billion, a 13% increase from the same period last year. The growth was attributed to organic expansion, acquisitions, and favourable market conditions.
Brokerage revenues rose to $2.4 billion, while risk management revenues grew to $369.7 million. Net earnings for the combined brokerage and risk management segments totalled $427.6 million, and adjusted EPS was $2.72. The corporate segment reported a net earnings loss of $113.5 million, attributed to corporate transactions and legal costs.
“Looking ahead, we are very well positioned. Our net new business is up from the prior year, renewal premiums continue to increase and our M&A pipeline is robust. The opportunities ahead of us are immense and I am very excited about our long-term prospects,” said CEO J Patrick Gallagher, Jr.
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