Arthur J. Gallagher Co. has signed a definitive agreement to acquire the insurance arm of Cadence Bank.
Cadence Insurance is headquartered in Baton Rouge, Louisiana and has 34 offices spanning nine states across the Southeast, including Texas. It is hailed as the second largest bank-owned insurance broker in the country and offers a full suite of commercial property/casualty, employee benefits, and personal lines products.
Markham McKnight and Chris Boone leads the team of nearly 800 professionals at Cadence Insurance. Following Gallagher’s acquisition, they will be operating under Bumpy Triche, head of Mid-South retail property/casualty brokerage operations, and Robby White, head of South-Central region employee benefits consulting and brokerage operations.
A press release from Gallagher said the deal will close during the fourth quarter of the year and is expected to enhance the company’s footprint across the Southeastern states and Texas.
As part of the deal, Gallagher will also become the preferred insurance broking partner of Cadence Bank.
“Cadence Insurance is a fast-growing agency with strong niche capabilities across construction, real estate, manufacturing, healthcare and professional services. With a similar culture, a high-performing team and a significant Southeastern presence, there are immense long-term growth opportunities as part of Gallagher,” said J. Patrick Gallagher, Jr., chairman, president and CEO of the broking giant. “I look forward to welcoming Markham, Chris and the nearly 800 Cadence Insurance colleagues to our growing Gallagher family of professionals.”
Gallagher has made a series of M&A deals in recent months. Earlier this week, the company announced that it snapped up Rosenzweig Insurance Agency in Mineola, New York. Other recent acquisitions include Meadowbrook Insurance Agency in Michigan and Clements Worldwide in Washington, D.C.
What are your thoughts on this story? Feel free to comment below.
