Arthur J. Gallagher & Co. (AJG) announced that it has signed a definitive agreement to acquire substantially all the assets of William Gallagher Associates Insurance Brokers (WGA), headquartered in Boston, Massachusetts, which has annualized revenues of approximately $50 million.

The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2015. Additional terms were not disclosed.

Founded in 1983, WGA provides commercial retail property/casualty (P/C) and employee benefits insurance brokerage and consulting services to middle-market and large, fast-growth clients with complex insurance needs.

In the retail P/C space, it specializes in coverage for the High Tech, Life Science, Financial Institution, Healthcare, Real Estate and Renewable Energy industries. Its employee benefits business provides specialty expertise in underwriting, communications, data analytics, and compliance and wellness services.

Philip Edmundson, Patrick Veale and their associates will operate from their current Boston; Atlanta; New York City; Columbia, Maryland; Hartford, Connecticut and Princeton, New Jersey locations under the direction of Douglas Brown, head of Gallagher’s Northeastern retail property/casualty brokerage operations, and David Ziegler, head of Gallagher’s Eastern employee benefit consulting and brokerage operations.

"The WGA acquisition gives us a wonderful opportunity to significantly expand our operating platform in the Eastern U.S. and market presence in two of our core businesses. Their growth strategy, operating structure and sales culture are all very similar to ours, which should make for a successful integration process," said J. Patrick Gallagher, Jr., Chairman, President and CEO.

"With our combined resources, we will also be able to offer additional and expanded sales and service capabilities to our P/C and benefits clients. We are extremely pleased to welcome Phil, Pat and their colleagues to our growing Gallagher family of professionals."

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in 30 countries and offers client-service capabilities in more than 140 countries around the world through a network of correspondent brokers and consultants.