Insurance brokerage firm Arthur J. Gallagher has acquired MDV Wealth Planning, a seller of life insurance products, from Fox River Grove for an undisclosed amount.
Based in Illinois, US, MDV Wealth Planning focuses mainly on high net-worth individuals and C-suite executives.
The firm, established in 2014, sells and places life insurance products for clients of registered investment advisors (RIAs), independent financial advisors, institutional brokers, life insurance professionals, and property/casualty agents and brokers.
Thomas Vilardo and his associates will continue to work from their current location under the direction National Financial and Retirement Services practice leader Jeff Leonard.
Arthur J. Gallagher chairman, president and CEO J. Patrick Gallagher, Jr. said: “Gallagher continues to expand our capabilities in the individual life insurance and wealth planning space by seeking industry leaders, and MDV has a proven track record in this area. I am very pleased to welcome Tom and his associates to Gallagher.”
In May this year, the company acquired Verbag Versicherungsberatungs, a Swiss brokerage firm, offering commercial lines, employees benefits, accident and health and high-net-worth personal lines brokerage and consulting services. The firm earns revenues of about $2m (£1.6m).
Verbag Versicherungsberatungs is being acquired by Hesse & Partner, a Switzerland-based subsidiary of Gallagher.
The firm, which was founded by Thomas Renold in 1994, is being run as a family business. Renold and his associates will continue to work from its present location and will report directly to Hesse CEO Tanja Jung.
With the acquisition, Gallagher will now expand its presence in Europe, particularly in Switzerland.
In the same month, the company also acquired AgriRisk Services, an Australia-based insurance broker, for an undisclosed amount.
The North Sydney-based company has its offices across Tamworth, New South Wales and Toowoomba, Queensland. It offers rural and farm insurance products and services to higher-value rural enterprises and large corporate agribusiness operations across the country.
Based in Rolling Meadows, Illinois, Arthur J. Gallagher now has operations across 35 countries, offering client service capabilities in more than 150 countries via a network of correspondent brokers and consultants.