Arthur J Gallagher & Co (AJG), an insurance brokerage and risk management services firm based in Illinois, has completed the acquisition of Canadian insurance broker Noraxis Capital, for an undisclosed sum.
AJG, which signed the agreement to acquire Noraxis in May this year, noted that the deal will boost its presence in Canada.
Further, the takeover will provide a significant Canadian platform for future growth; share a client focus that is primarily middle-market; provide opportunities to establish new MGA capabilities and offer cross-selling opportunities.
Noraxis, which operates 23 offices across Alberta, Manitoba, New Brunswick, Nova Scotia and Ontario, offers retail commercial, personal and employee benefits insurance products and services.
At the end of 31 December 2013, Noraxis generated nearly C$125m ($m) in revenue and had more than 650 staff.
The latest acquisition follows takeover of Tri-State General of Salisbury, Maryland, as well as takeover of The Plus Companies, in Bridgewater, New Jersey; Florida-based MGA Insurance Group and Heritage Insurance Management, a captive management firm.
Operating across 27 countries, Arthur J Gallagher & Co delivers 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.