Arthur J. Gallagher has acquired Crystal Lake, Illinois-based Market Financial Group and its affiliate, Austin Consulting Group.

Terms of the transaction were not disclosed.

Market Financial Group is a risk management and human resources consultant and broker providing property/casualty and human resources solutions for public entities, businesses, and individuals primarily in Illinois. Austin Consulting Group is an insurance consultant, finance & insurance advocate, and claims advocate serving automobile dealerships throughout the United States.

Richard J. Waters, Jr., W. Robert Messer and Kenneth Riemen will continue to operate from their Crystal Lake location under the direction of Patrick M. Gallagher, head of Gallagher's Midwest retail property/casualty brokerage operations, and John Neumaier, head of Gallagher's Great Lakes employee benefits consulting and brokerage operations.

Arthur J. Gallagher chairman, president and CEO J. Patrick Gallagher, Jr. said: "Market Financial Group and Austin Consulting Group are complementary, well-run businesses with a marketing approach that is closely aligned with Gallagher's.

"I am excited to welcome Rich, Rob, Ken and their associates to our growing Gallagher family of professionals."

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Rolling Meadows, Illinois, has operations in 33 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.