Arthur J. Gallagher & Co. Acquires CCI Surety, Inc.

Rhea-AI Summary

Arthur J. Gallagher & Co. (NYSE: AJG) announced the acquisition of CCI Surety, Inc., a managing general underwriter specializing in wholesale contract and commercial surety bonds. The acquisition is part of Gallagher's U.S. wholesale brokerage division, Risk Placement Services, Inc. (RPS). The terms of the transaction were not disclosed. CCI Surety, founded by Michael Williams and led by Jeremy Crawford, will continue to operate from Golden Valley, Minnesota under the direction of Matt Lynch. This strategic move aims to expand RPS's product offerings in the wholesale surety market.

J. Patrick Gallagher, Jr., Chairman and CEO of Gallagher, expressed his satisfaction with the acquisition, highlighting the alignment with the company's growth strategy. Gallagher operates in approximately 130 countries, offering insurance brokerage, risk management, and consulting services.

Positive

• Strategic acquisition expands RPS's product offerings in wholesale surety bonds.
• CCI Surety's existing team, including leadership, to remain intact, ensuring continuity.
• Enhances Gallagher's market position in the U.S. surety market.
• Supports Gallagher's growth strategy with a well-established agency.
• Integration under RPS's national binding operations director Matt Lynch ensures streamlined operations.
• Further solidifies Gallagher's presence in the insurance brokerage industry.

Negative

• Terms of the acquisition were not disclosed, lacking transparency for investors.
• Potential risks related to the integration of CCI Surety into Gallagher's existing operations.
• No immediate financial impact reported, leaving investors uncertain about short-term benefits.

ROLLING MEADOWS, Ill., May 23, 2024 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced that its U.S. wholesale brokerage, binding authority and programs division, Risk Placement Services, Inc. (RPS), has acquired Golden Valley, Minnesota-based CCI Surety, Inc. Terms of the transaction were not disclosed.

Founded by Michael Williams and led by Jeremy Crawford, CCI Surety is a managing general underwriter (MGU) specializing in wholesale contract and commercial surety bonds for retail agents throughout the United States. Crawford and the CCI Surety team will remain in their current location under the direction of Matt Lynch, head of RPS's national binding operations.

"CCI Surety is a well-established agency whose wholesale surety platform expands RPS's product offerings," said J. Patrick Gallagher, Jr., Chairman and CEO. "I am very pleased to welcome Jeremy and his associates to our growing team."

Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.

Investors: Ray Iardella, VP - Investor Relations	Media: Paul Day, Communications Manager
630-285-3661/ ray_iardella@ajg.com	630-285-5946/ paul_day1@ajg.com

 

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SOURCE Arthur J. Gallagher & Co.

FAQ

What did Arthur J. Gallagher & Co. acquire?

Arthur J. Gallagher & Co. acquired CCI Surety, Inc., a managing general underwriter specializing in wholesale contract and commercial surety bonds.

When did Arthur J. Gallagher & Co. announce the acquisition of CCI Surety?

Arthur J. Gallagher & Co. announced the acquisition of CCI Surety on May 23, 2024.

What does CCI Surety specialize in?

CCI Surety specializes in wholesale contract and commercial surety bonds for retail agents throughout the U.S.

Who will lead CCI Surety post-acquisition?

Jeremy Crawford will continue to lead CCI Surety under the direction of Matt Lynch, head of RPS's national binding operations.

What is the stock symbol for Arthur J. Gallagher & Co.?

The stock symbol for Arthur J. Gallagher & Co. is AJG.