US-based insurance brokerage and risk management services firm Arthur J. Gallagher & Co. (AJG) has acquired two New Jersey wholesale brokers, Excel Insurance Services and McCloskey Surplus & Excess (Metcom).
Terms of the transaction have not been disclosed.
Arthur J. Gallagher & Co. chairman, president and CEO J. Patrick Gallagher, Jr., said: "We are always looking for new partners that are highly-regarded within the industry, will expand our geographic presence and fit within our unique sales culture.
"The Excel and Metcom teams bring their depth of industry experience and expertise, strong retail relationships and focus on client services.
Founded in 1999, Excel is a commercial property & casualty and personal lines wholesale broker, which provides coverages for hard-to-place risks to its agent and broker clients in the Northeastern US.
The company is specialized in the hospitality, real estate, construction and auto industries. Under the leadership of Gallagher’s subsidiary Risk Placement Services president Joel Cavaness, Excel’s Dennis Pellegrino, Jr. and his associates will continue to operate from their current location.
Established in 1979, Metcom is a managing general agent and wholesale insurance broker that offers excess and surplus, property/casualty, commercial binding and brokerage, professional liability and other specialty insurance products and services to its agent and broker clients in the Northeastern US.
The company is also specialized in personal lines and insurance coverages for the transportation industry. Under the direction of Cavaness, Metcom’s Charles McCloskey, Jr. and his colleagues will also operate from their current location.
Image: Arthur J. Gallagher & Co has acquired Excel Insurance Services and McCloskey Surplus & Excess. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.