US-based insurance brokerage and risk management services firm Arthur J Gallagher & Co (AJG) has purchased a full service travel insurance agency Trip Mate, based in Kansas City, Missouri.
Financial terms of the transaction have not been revealed by both parties.
Trip Mate was founded in 1989 and offers an array of travel protection plans and services for their travel industry clients across the US.
The acquired operation specializes in trip cancellation/interruption, lost baggage, and traveler assistance programs sold through travel agencies, tour operators and cruise lines.
As per the terms of the acquisition, Bradley Finkle and his colleagues will continue to operate from their Kansas City and Northridge, California locations under the leadership of Kevin Garvin, head of Gallagher’s North American affinity operations.
Commenting on the acquisition, Arthur J Gallagher & Co chairman, president and CEO J. Patrick Gallagher, Jr., said: "Trip Mate gives us a great entry point into the travel insurance marketplace and expands our specialty products and services capabilities into this growing industry.
"They also bring the same personalized service and client-focused sales culture which makes them a great fit with Gallagher.
"Their strong brand and outstanding reputation in the travel market make them a perfect complement for our U.S. affinity operations."
Most recently, the company acquired Denman Consulting Services in Denver, Colorado, which offers employee benefit brokerage and consulting services for their clients throughout the western US.
Trading in 28 countries, Arthur J Gallagher & Co offers client-service capabilities in more than 140 countries globally, leveraging a network of correspondent brokers and consultants.
Image: Arthur J Gallagher & Co corporate headquarters in Itasca, Illinois. Photo: courtesy of Arthur J. Gallagher & Co. 1999 -2014.