Insurance broker Arthur J. Gallagher has signed a definitive agreement to acquire AssuredPartners with a valuation of US$13.45 billion.
The transaction is subject to customary regulatory approvals and is expected to close during the first quarter of 2025.
Gallagher expects to finance the transaction using a combination of long-term debt, short-term borrowings, free cash, and common equity. With this deal, more than 10,900 of AssuredPartners colleagues will join Gallagher’s team.
The company states that the move will further expand its retail middle-market P&C and employee benefits focus across the US, as well as deepen its capabilities across multiple niche practice groups, including transportation, energy, healthcare, government contractors and public entities.
J. Patrick Gallagher Jr., chairman and CEO of Gallagher, states: "We have held in high regard the fast-growing AssuredPartners franchise since its founding in 2011. AssuredPartners' entrepreneurial spirit, broad US footprint and middle-market focus make them an ideal merger partner for Gallagher.
“By further leveraging our deep industry verticals, investments in data and analytics, access to specialty products, our common systems and standardised service model, together we can provide even more value to clients and further position Gallagher for future growth."
Randy Larsen, CEO of AssuredPartners, adds: "This marks a significant milestone in AssuredPartners' journey, showcasing the outstanding business we have built and strong growth we've experienced in just over a decade.
“With Gallagher, we bring together not only unparalleled global resources and expert insights but also a team of exceptional employees whose expertise and dedication have been the driving force behind our success. I am excited for our future together."
