Arthur J. Gallagher & Co., headquartered in Rolling Meadows, Illinois, has expanded its reach by acquiring Acumen Advisors, Inc., an employee benefits company situated in Cedar Rapids.
Founded by Andrew Morf (pictured left) and Kirby Moss (pictured right) in 2010, Acumen has carved a niche in providing employee benefits consulting to small- and medium-sized enterprises across Iowa. According to Acumen’s website, it consults with over 1,500 businesses on their benefits.
Following the acquisition, financial terms of which were not disclosed, Acumen colleagues will continue to operate out of their existing locations. There are said to be nearly 40 people manning the business while more than 150 licensed advisors are partnered with the firm.
Meanwhile, as part of Gallagher, the Acumen roster will report to Tom Lannen, who oversees the broking group’s employee benefits consulting operations in the Midwest region.
J. Patrick Gallagher, Jr., chair and chief executive of Gallagher, expressed his enthusiasm about the transaction, stating: “Acumen is a highly regarded firm that will expand our employee benefits offerings in the region. I am delighted to welcome Andrew, Kirby, and their associates to Gallagher.”
Last month, Gallagher reported $612.7 million in net earnings for the first quarter of 2024.
At the time, the company’s CEO said: “Customers are buying more insurance. Our first quarter data is showing solid customer business activity and mid-term policy endorsements, audits, and cancellations combined were again ahead of last year’s levels. We are also seeing continued labor market strength and further increases in new claims arising, also pointing to a resilient economic backdrop for our clients.
“As I look across our business, we remain well-positioned to win new clients and retain our existing customers. I believe we have the best team in the business, with leading talent and expertise, stellar service, superior analytics, vast amounts of data, and a wide global reach. We are in an enviable industry position, and I am excited about the remainder of 2024 and beyond.”
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