US-based insurance brokerage and risk management services company Arthur J Gallagher (AJG) has purchased Tri-State General of Salisbury, Maryland, as part of its continuous expansion strategy.
Financial terms of the transaction have not been disclosed by the concerned parties.
Tri-State General, a specialty wholesale and managing general agency (MGA) was formed in 1979, according to the Illinois-based AJG.
The company offers transportation, garage, professional liability, special events, and property and casualty insurance for its retail insurance broker clients across Maryland, Pennsylvania, Delaware, New Jersey, Virginia, Ohio and Washington, DC.
As per terms of the agreement, Edward Dickerson and his team will continue to operate from their Salisbury location under the leadhership of Joel Cavaness, president of Risk Placement Services, a subsidiary of Arthur J Gallagher & Co.
AJG chairman, president and CEO J Patrick Gallagher, Jr., said: "We are pleased to welcome Ed Dickerson and his talented staff from Tri-State to our growing U.S. wholesale operations.
"Ed and his team bring RPS additional geographic expansion in underwriting and broking, and we look forward to their contributions."
Additionally, AJG announced that the company has obtained regulatory approval for the A$1.1bn ($928m) acquisition of Wesfarmers insurance broking operations, which was signed in April this year.
Earlier in May, AJG purchased Heritage Insurance Management, a captive management firm that specializes in insurance and alternative risk solutions; and Florida-based MGA Insurance Group.
Operating across 27 countries, Arthur J Gallagher & Co offers client-service capabilities in more than 140 countries globally, leveraging a network of correspondent brokers and consultants.
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Image: Arthur J Gallagher & Co corporate headquarters in Itasca, Illinois. Photo courtesy of: Arthur J. Gallagher & Co. 1999 -2014.