International insurance brokerage Arthur J Gallagher & Co has purchased Michigan based Charter Lakes Marine Insurance Agency, in a bid to boost its marine insurance operations in the region.
Terms and conditions of the deal have not been disclosed.
The acquired enterprise provides retail property/casualty insurance broker services, program administrator and managing general agency, mainly in commercial and personal marine insurance products and services.
Charter Lakes president Dan Longman and his associates will continue to carry out their duties from their current locations under the management of Thomas J Gallagher, head of Gallagher’s Midwest retail property/casualty brokerage operations.
Chairman, president and CEO J Patrick Gallagher, Jr said, "Charter Lakes is highly regarded throughout the marine industry for its personalized customer service capabilities, depth of expertise and solid market relationships."
Formed in 1986, the marine insurance agency offers underwriting services for yachts, boats and passenger vessels in the US from its offices in Michigan, Florida, Maryland, North Carolina and Texas.
Headquartered in Illinois, Arthur J Gallagher & Co trades in 17 nations, and offers client service capabilities in more than 110 geographies across the globe through a network of correspondent brokers and consultants.