Arthur J. Gallagher & Co. Acquires Filos Agency, Inc.

Rhea-AI Summary

Arthur J. Gallagher & Co. (NYSE:AJG) has announced the acquisition of Filos Agency, a Long Beach, New York-based retail property/casualty insurance agency. The acquired company serves New York area businesses and individuals, with Thomas Costantakos and team continuing operations from their current location under Gallagher Agency Alliance. They will report to Jen Tadin, head of Gallagher Select.

The acquisition strengthens Gallagher's small business capabilities, with Filos Agency known for strong client service in local communities. Gallagher Agency Alliance specializes in partnering with agencies focused on small business property/casualty insurance and employee benefits. Operating in approximately 130 countries, Gallagher provides insurance brokerage, risk management, and consulting services globally.

News Market Reaction

+1.07%

1 alert

+1.07% News Effect

On the day this news was published, AJG gained 1.07%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

ROLLING MEADOWS, Ill., Oct. 28, 2024 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Long Beach, New York-based Filos Agency, Inc. Terms of the transaction were not disclosed.

Filos Agency is a retail property/casualty insurance agency serving New York area businesses and individuals. Thomas Costantakos and his team will continue to operate out of their current location as part of Gallagher Agency Alliance under the direction of Jen Tadin, head of Gallagher Select, its U.S. property/casualty operations for small businesses.

"Filos Agency's strong reputation for client service in its local communities will be an excellent complement to our existing small business capabilities," said J. Patrick Gallagher, Jr., Chairman and CEO. "I am delighted to welcome Tom and his associates to Gallagher."

Gallagher Agency Alliance is a merger & acquisitions model partnering with agencies that specialize in small business property/casualty insurance and employee benefits.

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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/arthur-j-gallagher--co-acquires-filos-agency-inc-302287038.html

SOURCE Arthur J. Gallagher & Co.

FAQ

What company did Arthur J. Gallagher (AJG) acquire in October 2024?

Arthur J. Gallagher acquired Filos Agency, a Long Beach, New York-based retail property/casualty insurance agency.

Where will Filos Agency operate following the AJG acquisition?

Filos Agency will continue to operate from their current Long Beach, New York location as part of Gallagher Agency Alliance.

Who will lead the Filos Agency team under Gallagher's structure?

The Filos Agency team, led by Thomas Costantakos, will operate under the direction of Jen Tadin, head of Gallagher Select.

What is the purpose of AJG's Gallagher Agency Alliance?

Gallagher Agency Alliance is a merger & acquisitions model that partners with agencies specializing in small business property/casualty insurance and employee benefits.