Arthur J. Gallagher & Co. (Gallagher) has signed a definitive agreement to acquire M&T Insurance Agency (MTIA), an indirect subsidiary of M&T Bank Corporation.
The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2022. The terms of the sale were not disclosed.
Founded in 1955 and operating under its current name since 2005, MTIA is a retail insurance agency which provides P&C products, group benefits, and surety solutions to clients in the Northeast and mid-Atlantic regions.
"M&T Insurance Agency has a long record of client-focused offerings and expertise, and this will help us expand our footprint in the New York region," said Gallagher chairman, president, and CEO J. Patrick Gallagher, Jr. "We look forward to welcoming John, Bart, Zachary and their associates to Gallagher."
"When we started to discuss the possibility of this transaction with Gallagher, it became immediately clear that this was the optimal company for both our customers and our employees," said M&T senior executive vice president and head of Institutional Client Services Jennifer Warren in a separate statement. "Our goal was to create a seamless transaction with a world-class company that stresses excellence in everything they do. We found that with Gallagher."
Read more: Gallagher swoops for employee benefits firm
Last month, Gallagher moved to acquire another employee benefits-focused firm – Watkins Insurance & Benefits. Doing business as Watkins Group – Insurance & Benefits Specialists, the Louisiana-based company offers employee benefits for corporations of all sizes, as well as individual and Medicare coverages.
