Arthur J. Gallagher & Co. announced its acquisition of Shepard Insurance Group, a retail insurance broker based in Old Greenwich, Connecticut.
Following the acquisition, Steve Shepard, Kyle Shepard, and their team will continue operating from their current location, now under the leadership of Brendan Gallagher, who oversees the Northeast region's retail property/casualty brokerage operations at Gallagher.
In a statement, J. Patrick Gallagher, Jr., chairman and CEO of Gallagher, noted that Shepard Insurance Group is "well regarded for their client service and will expand our high-net-worth offerings in the Northeast."
Based in Rolling Meadows, Illinois, Gallagher is a provider of insurance brokerage, risk management, and consulting services. The company operates in approximately 130 countries through a combination of its own operations and a network of correspondent brokers and consultants.
Meanwhile, Shepard Insurance Group focuses on providing insurance services to high-net-worth individuals in the Northeast U.S. and Florida.
The acquisition of Shepard Insurance Group is part of Gallagher’s strategy to expand its services and client base, particularly in the high-net-worth market.
The company has made similar moves in recent years, broadening its geographic and service offerings to better meet the needs of affluent clients across different regions.
Shepard's acquisition is part of Gallagher's broader strategy to expand its presence in key markets. In November alone, Gallagher also announced the acquisition of Santiago-based THB Chile as part of its ongoing international expansion. Additionally, the company acquired Peabody Insurance Agency to bolster its footprint in Michigan. Gallagher has also expanded its presence in the employee benefits and property & casualty sectors through the acquisition of two specialized agencies: Oklahoma-based Scout Benefits Group and California-based Statewide Commercial Insurance Brokers.
As the market for high-net-worth insurance continues to evolve, companies like Gallagher are positioning themselves to capture a larger share of this sector. With the addition of Shepard Insurance Group, Gallagher aims to strengthen its presence in key U.S. markets, including the Northeast and Florida, where demand for specialized insurance services remains strong.
What are your thoughts on Gallagher’s expansion into the high-net-worth market? How do you think this acquisition will affect the industry?
