Arthur J. Gallagher & Co. Acquires G.A. Mavon & Co. and Mavco Insurance Agency, Inc.
Arthur J. Gallagher & Co. announced the acquisition of G.A.
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Rhea-AI Summary
Arthur J. Gallagher & Co. announced the acquisition of G.A. Mavon & Co. and its subsidiary Mavco Insurance Agency, enhancing its presence in the Midwest region. Founded in 1916, G.A. Mavon & Co. specializes in high-net-worth insurance and commercial business solutions. The acquisition aligns with Gallagher's strategy to expand its high-net-worth offerings, with Phil Mavon continuing operations under Gallagher's leadership.
Positive
- Acquisition expands Gallagher's high-net-worth offerings in the Midwest.
- G.A. Mavon & Co. and Mavco Insurance Agency are well-respected firms with a similar culture to Gallagher.
- Continued operation under existing leadership fosters stability and growth.
Negative
- None.
Details
News Market Reaction – AJG
The recorded move for AJG in the trading session of this news was -0.38%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ROLLING MEADOWS, Ill., April 19, 2022 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Hinsdale, IL-based G.A. Mavon & Co. and its Mavco Insurance Agency, Inc. subsidiary. Terms of the transaction were not disclosed.
Founded in 1916, G.A. Mavon & Co. is a fourth-generation, family-run, standard and specialty lines wholesale broker. Mavco Insurance Agency, founded in 1972, is its retail insurance agency subsidiary. Both firms serve the insurance needs of high-net-worth personal lines clients, as well as commercial business owners, with a focus on professional lines. Phil Mavon and his associates will continue to operate from their current location under the direction of Matt Lynch, VP-Central Binding Region for Risk Placement Services, Inc., Gallagher's US wholesale brokerage, binding authority and programs division, and Jeff Saunders, President of Personal Lines for Gallagher's US retail property/casualty brokerage operations.
"G.A. Mavon and Mavco Insurance Agency are well-respected businesses with a similar culture to ours that will expand our high-net-worth offerings in the Midwest region," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We are very pleased to welcome Phil and his associates to our rapidly growing team."
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 68 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
Investors: Ray Iardella | Media: Linda J. Collins |
VP - Investor Relations | VP- Corporate Communications |
630-285-3661/ ray_iardella@ajg.com | 630-285-4009/ linda_collins@ajg.com |
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SOURCE Arthur J. Gallagher & Co.
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