Arthur J Gallagher, a US-based insurance brokerage and risk management services company, has acquired The Parks Johnson Agency of Lake City, Florida, as part of a strategy to strengthen its footprint in the region.
Financial terms of the transaction have not been disclosed.
Parks Johnson Agency, which was set up in 1975, delivers an array of employee benefit consultation and insurance brokerage services for their public entity, nonprofit and private business clients throughout the Southeast.
The acquired business specializes in group medical, dental, life, disability and long term care insurance programs.
Arthur J Gallagher chairman, president and CEO J Patrick Gallagher, Jr., said, "Parks Johnson has an outstanding reputation for its depth of expertise, solid market relationships and team-based culture that is focused on quality client service."
"Their solid Florida presence and strong public entity expertise will be a great complement to our employee benefits operation. "
Under the terms of the transaction, Tyson Johnson and his associates will continue to operate in their current location under the direction of David Ziegler, leader of Gallagher’s eastern employee benefit consulting and brokerage operations.
The latest deal follows acquisition of California-based retail insurance broker firm G S Levine Insurance Services as well as RJ Dutton of Overland Park, Kansas, a provider of employee benefit consultation and brokerage services across the country, in October.
In September, Arthur finalized three acquisition contracts, including with London-based Giles Group of Companies, New York’s fine arts broker team of Jeffrey Haber and Michael Fischman, and Belmont International, an England-based risk management advisor and insurance broker.
Arthur manages operations in 20 countries and offers client-service capabilities through a network of correspondent brokers and consultants in more than 140 nations, across the globe.