Arthur J. Gallagher & Co. has completed its closure of the previously announced acquisition of AssuredPartners. The company financed the transaction with net proceeds from previously disclosed equity and debt financing transactions. J. Patrick Gallagher, Jr., the chairman and CEO of Gallagher, says that he is “confident the combination will deliver tremendous value to our clients and our shareholders”. Gallagher believes the deal will allow it to further expand its retail middle-management property/casualty and employee benefits across the US, in addition to permitting a greater scope of business opportunities. Additionally, it expects a deepening of its capabilities across multiple niche practice groups, including transportation, energy, healthcare, government contractors, and public entities. Gallagher says it also sees this as an opportunity to expand the reach of its tuck-in M&A strategy, in what they describe as a “financially attractive” deal. The Compensation Committee of the Board of Directors approved a US$316.15 million in equity awards, which were paid to 572 former Assured employees who became Gallagher employees upon the closing of the transaction.
