Arthur J Gallagher & Co (AJG), an insurance brokerage and risk management services firm based in Illinois, US, has reached an agreement to purchase Baker Tilly's Employee Benefits Solutions business, as part of its ongoing expansion strategy.
With annualized revenues of nearly $11.5m, the UK-based Baker Tilly’s Employee Benefits Solutions offers an array of Employee Benefits products and services.
Financial terms of the deal have not been revealed. Pending receipt of regulatory approvals and satisfaction of certain conditions, the transaction is likely to complete during the third quarter of 2014.
In addition, AJG has acquired Texas-based employee benefits broker and consultant Foundation Strategies.
Foundation Strategies was established in 1996, and delivers various types of group employee benefit products and consulting services for their primarily mid-to-large clients in the south central US.
The firm also specializes in the strategic development, design and implementation of employee benefit plans as well as communication, enrollment and insurance management services.
Under the terms of the transaction, Shelly Coonrod, Charles Coonrod and their colleagues will continue to operate in their current location under the direction of John Neumaier, leader of Gallagher’s south central employee benefits consulting and brokerage operations.
Commenting on the acquisition, Arthur J Gallagher & Co chairman, president and CEO J. Patrick Gallagher, Jr., said: "For nearly 20 years, FSI’s team of experts have been providing effective benefit strategies that support and service the overall benefit goals of their clients.
"Their client-focused sales culture, extensive expertise and Houston-area presence will be a terrific complement to our employee benefits south central operations.
"We are pleased to welcome Shelly, Chic and their associates to our growing Gallagher family of professionals."
Managing operating across 27 nations, 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.