US-based insurance brokerage and risk management services firm Arthur J. Gallagher & Co. (AJG) has acquired Maryland-based Independent Benefit Services (iBEN).

Terms of the transaction have not been disclosed.

Arthur J. Gallagher & Co. chairman, president and CEO J. Patrick Gallagher, Jr., said: "Over the last 25 years, iBEN has developed an outstanding reputation for delivering cost-effective, creative products and quality client service supported by its highly-skilled professionals.

"Their strong mid-Atlantic presence and solid market relationships will also be a wonderful complement to our employee benefits brokerage and consulting team."

Established in 1989, iBEN offers employee benefits, human resources and retirement plan consultation and brokerage services for middle-market clients in the mid-Atlantic region.

The company is specialized in providing group benefits, retirement planning, HR consulting and executive benefits with an emphasis on planning analysis and design, cost benefit analysis, compliance, implementation, and communication and education.

Under the leadership of Gallagher’s eastern employee benefit consulting and brokerage operations head David Ziegler, iBEN’s Neil Simons and his associates will continue to operate at their current location.

Earlier this week, AJG acquired New Jersey’s retail insurance broker O’Gorman & Young (OGY) and its affiliate G. R. Murray Insurance.

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.