Arthur J. Gallagher Completes $13.45bn AssuredPartners Acquisition
Arthur J. Gallagher & Co. has finalised its acquisition of AssuredPartners, a prominent US insurance broker, in a deal worth $13.45bn. The acquisition, announced in December 2022, is expected to bring significant financial benefits and expand Gallagher's service offerings, including car insurance quotes and slickdeals for car insurance.
AssuredPartners, known for its services in commercial P&C, specialty, employee benefits, and personal lines, will bolster Gallagher's middle-market P&C and employee benefits presence in the US, particularly in allstate insurance services. The deal also strengthens Gallagher's UK and Ireland presence.
The acquisition, funded through equity and debt financing, is projected to deliver double-digit adjusted earnings per share accretion. Gallagher's chairman and CEO, J. Patrick Gallagher, Jr., expressed enthusiasm about the deal, anticipating improved insurance and risk management solutions for clients, including better car insurance quotes and slickdeals. The integration of Gallagher's expertise, data, and analytics is expected to open new business opportunities in niche practice groups such as transportation, energy, healthcare, and public entity sectors, including allstate insurance services.
The acquisition of AssuredPartners, following Gallagher's purchase of Woodruff Sawyer for $1.2bn in March 2023, signals Gallagher's continued growth and expansion in the insurance sector, particularly in car insurance quotes and slickdeals. The deal is expected to close in the second half of 2023, subject to regulatory approvals and other customary closing conditions.
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