Arthur J. Gallagher & Co. Acquires Cornerstone Commercial & Personal Insurance Services, Inc.

Rhea-AI Summary

Arthur J. Gallagher & Co. (AJG) has acquired Cornerstone Commercial & Personal Insurance Services, Inc., based in Rancho Cucamonga, California. The terms of the deal were not disclosed. Cornerstone serves commercial and personal clients, focusing on commercial real estate, construction, and homeowners associations in San Bernardino and Riverside counties. Phil and Allison Hakopian and their team will continue operating from their current location under Scott Firestone, head of Gallagher's Southwest region retail property/casualty brokerage operations. This acquisition aims to enhance Gallagher's expertise in the homeowners association niche.

Positive

• Acquisition enhances Gallagher's capabilities in the homeowners association niche.
• The deal expands Gallagher's footprint in San Bernardino and Riverside counties.
• Integration of a highly regarded agency, Cornerstone, into Gallagher's operations.

Negative

• Financial terms of the acquisition were not disclosed, potentially affecting transparency.

ROLLING MEADOWS, Ill., July 1, 2024 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Rancho Cucamonga, California-based Cornerstone Commercial & Personal Insurance Services, Inc. (Cornerstone). Terms of the transaction were not disclosed.

Cornerstone is a retail insurance agency serving commercial and personal clients primarily in San Bernardino and Riverside counties, with a focus on commercial real estate, construction and homeowners associations. Phil Hakopian, Allison Hakopian and their team will remain in their current location under the direction of Scott Firestone, head of Gallagher's Southwest region retail property/casualty brokerage operations.

"Cornerstone is a highly regarded agency whose expertise in the homeowners association niche will enhance our capabilities in the region," said J. Patrick Gallagher, Jr., Chairman and CEO. "I am delighted to welcome Phil, Allison and their associates to Gallagher."

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 company did Arthur J. Gallagher & Co. acquire in July 2024?

Arthur J. Gallagher & Co. acquired Cornerstone Commercial & Personal Insurance Services, Inc. in July 2024.

What is the focus area of Cornerstone Commercial & Personal Insurance Services?

Cornerstone focuses on commercial real estate, construction, and homeowners associations.

Who will lead Cornerstone after its acquisition by Arthur J. Gallagher & Co.?

Phil and Allison Hakopian will remain in their current roles, under the direction of Scott Firestone.

Where is Cornerstone Commercial & Personal Insurance Services based?

Cornerstone is based in Rancho Cucamonga, California.

What are the strategic benefits of this acquisition for Arthur J. Gallagher & Co.?

The acquisition enhances Gallagher's capabilities in the homeowners association niche and expands its footprint in key California counties.