Arthur J Gallagher, an Illinois-based insurance brokerage and risk management services firm, has acquired the fine arts broker team of Jeffrey Haber and Michael Fischman, located in New York.

Financial terms of the transaction have not been disclosed by the parties.

Working as partners, Jeffrey Haber and Michael Fischman deliver retail insurance products and risk management services for their clients across the US.

Specializing in offering insurance coverage for art galleries and dealers, museums and high net worth collectors, the brokerage teams also offer commercial retail insurance coverage for the real estate and retail industries.

Post-acquisition, Jeffrey Haber, Michael Fischman and their dedicated support team will operate from Gallagher’s Manhattan offices under the direction of Douglas Brown, Gallagher Northeast region retail property and casualty brokerage leader.

Commenting on the acquisition, Arthur J Gallagher chairman, president and CEO J Patrick Gallagher, Jr., said, "With over 35 years of insurance experience and a strong client-focused culture, this outstanding team will be a wonderful addition to our Northeast Region."

"Their specialization in fine arts insurance coverage is an excellent niche opportunity for us and will position Gallagher as one of the nation’s largest fine arts brokers."

Earlier this month, the company acquired Belmont International, a risk management advisor and insurance broker, and Giles Group of Companies (Giles), both based in England.

Arthur manages operations in 20 countries and offers client-service capabilities through a network of correspondent brokers and consultants in more than 140 nations, globally.