US-based insurance brokerage and risk management services firm Arthur J. Gallagher & Co. (AJG) has acquired Arizona-based Cohn Financial Group (CFG).

Terms of the deal have not been disclosed.

Founded in 1987, CFG is a private placement life insurance distributor, which works exclusively with high net worth families and individuals in the US.

Arthur J. Gallagher & Co. chairman, president and CEO J. Patrick Gallagher, Jr., said: "CFG is well regarded for its depth of expertise and strong experience in ultra-complex life insurance cases as well as its high-level of quality service which is required for these policies.|

"Their team’s highly specialized practice focus and service model will be a wonderful addition to our employee benefits team, and we are pleased to welcome Mike and his colleagues to our growing Gallagher family of professionals."

CFG is specialized in offering customized private placement variable universal life insurance and private placement variable annuities.

In addition, the firm will help preferred investment firms to create dedicated funds to manage premiums and cash values inside the policy or annuity.

Under the leadership of Gallagher’s Western employee benefit consulting and brokerage operations head Norbert Chung, CFG’s Michael Cohn and his associates will continue to operate in their current location.

With operations in around 30 countries, AJG provides client-service capabilities in about 140 countries across the globe through a network of correspondent brokers and consultants.