Arthur J. Gallagher & Co. Acquires NEK Insurance, Inc.
Arthur J. Gallagher & Co. announced the acquisition of NEK Insurance, Inc., a California-based retail insurance agency specializing in property/casualty coverage for daycare centers, schools, and small contractors.
Sentiment and the balance of points
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Rhea-AI Summary
Arthur J. Gallagher & Co. announced the acquisition of NEK Insurance, Inc., a California-based retail insurance agency specializing in property/casualty coverage for daycare centers, schools, and small contractors. This acquisition, which was disclosed on December 19, 2022, is expected to enhance Gallagher's existing operations in San Francisco by providing significant cross-selling opportunities. The terms of the transaction remain undisclosed. The NEK team, led by Kevin Bruns, Jennifer Sylvestri, and Kyle Peterson, will join Gallagher's San Francisco branch.
Positive
- Acquisition will enhance Gallagher's operations in San Francisco.
- Provides cross-selling opportunities in complementary sectors.
- NEK's established presence in the Bay Area can boost market share.
Negative
- None.
Details
News Market Reaction – AJG
The recorded move for AJG in the trading session of this news was -0.68%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ROLLING MEADOWS, Ill., Dec. 19, 2022 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of El Cerrito, California-based NEK Insurance, Inc. Terms of the transaction were not disclosed.
Founded by Norman E. Kinsey in 1954, NEK Insurance is a retail insurance agency specializing in property/casualty coverages for daycare centers and k-8 schools, residential care facilities and small remodeling contractors, with underwriting authority in these three segments. Kevin Bruns, Jennifer Sylvestri, Kyle Peterson and their associates will be part of Gallagher's San Francisco branch under the direction of Jim Buckley, head of Gallagher's Northwest region retail property/casualty brokerage operations.
"NEK is a well-established Bay Area agency with a focus that is highly complementary to our existing San Francisco-based specialist business, offering us terrific cross-selling opportunities," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am delighted to welcome Kevin, Jennifer, Kyle 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 | Media: Paul Day |
VP - Investor Relations | 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.
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