Arthur J. Gallagher & Co has announced the acquisition of California-based Wigmore Insurance Agency, Inc.
Wigmore is a retail insurance broker located in Costa Mesa. It provides an extensive range of commercial and personal insurance services to clients across Southern California.
With the acquisition, Tim Wigmore and his team will continue operations at their current location under the guidance of Scott Firestone, the head of Gallagher’s Southwest region retail property/casualty brokerage operations.
J. Patrick Gallagher, Jr., who serves as chairman, president and chief executive, commented on the acquisition and said Wigmore is a business that is “culturally aligned” with Gallagher.
“I am delighted to welcome Tim and his associates to Gallagher,” he added.
Wigmore is the latest in a series of M&A deals announced by Gallagher this year. Just last month, the global broker revealed that it had acquired Hagan Insurance Group in Sioux Falls. It also swooped for two Tennessee-based subsidiaries of Bernard Health in May.
In a recent interview with Insurance Business, regional leader Bumpy Triche shed light on Gallagher’s M&A philosophy and how the company prioritizes the roles of people and culture in these deals.
“We’re not trying to acquire or aggregate only revenue,” said Triche, who is president, Mid-South at Gallagher. “We want to be very mindful of how a company reflects our corporate culture and how will they fit into our plans for the future.”
Gallagher currently operates in 130 countries across the globe, with headquarters in Rolling Meadows, Illinois. Its second quarter results released in late July showed net earnings totaling $235.8 million, 10.8% organic revenue growth, as well as a 14% reported net earnings margin.
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