Arthur J. Gallagher & Co. (Gallagher) has acquired Merit Insurance, a Connecticut-based retail property/casualty broker and employee benefits consultant, for an undisclosed price.
Merit Insurance, which was established in 1950, provides a variety of coverage and services to clients located in the Northeast US. The insurance broker has offices in Shelton and Bridgeport in Connecticut, with a combined workforce of around 30 employees.
The areas of focus for Merit Insurance are contractors, real estate developers, public entities, high-net-worth clients, and nonprofit organizations among others.
The company’s president Sean Carroll, executive vice president and managing partner James Benson and their associates have been retained by Gallagher, and will continue to operate from their current offices.
The workforce of Merit Insurance will be led by Gallagher Northeast region retail property/casualty brokerage operations head and Gallagher Northeast Atlantic employee benefits consulting and brokerage operations head Tom Belmont, Jr.
Gallagher chairman, president and CEO J. Patrick Gallagher said: “Merit Insurance is a highly regarded, socially responsible firm that enhances our presence in Fairfield County and brings us complementary strengths in a number of areas.
“I am delighted to welcome Sean, Jim and their associates to Gallagher.”
Based in Illinois, Gallagher is a global insurance brokerage, risk management and consulting services company. It operates in 35 countries and provides client service capabilities in more than 150 countries through a network of brokers and consultants.
Earlier this month, Gallagher agreed to acquire Jardine Lloyd Thompson Group’s (JLT) global aerospace insurance broking business for about £190m.
The aerospace business to be acquired also includes Hayward Aviation, and is a retail broker of commercial non-life risks related to commercial aircraft, aerospace infrastructure, aerospace manufacturing, space and general aviation.
The JLT aerospace broking business has about 250 staff working across 15 countries, who will be joining Gallagher following the completion of the transaction.
JLT is undertaking the deal with Gallagher in order to get the European Commission’s approval for its $5.6bn acquisition by Marsh & McLennan Companies.
Earlier this year, Gallagher entered into a deal to acquire Stackhouse Poland Group, a specialist UK insurance broker, from Synova Capital for an undisclosed price.