Arthur J. Gallagher & Co. Acquires Sound Insurance Services
Arthur J. Gallagher announced the acquisition of Sound Insurance Services, a broker based in Caulfield, Victoria, established in 2011.
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Rhea-AI Summary
Arthur J. Gallagher announced the acquisition of Sound Insurance Services, a broker based in Caulfield, Victoria, established in 2011. Although financial details were not disclosed, this acquisition aims to enhance Gallagher's capabilities in the Melbourne market, especially among small and mid-market clients. The existing leadership team at Sound Insurance will remain in place, overseeing operations under Gallagher's direction. Gallagher continues to expand its global footprint, operating in 68 countries with client services offered in over 150 countries.
Positive
- Acquisition enhances Gallagher's capability in the Melbourne market.
- Sound Insurance has a strong growth record, indicating potential for synergies.
- Existing leadership will remain, ensuring continuity and local expertise.
Negative
- None.
Details
News Market Reaction – AJG
The recorded move for AJG in the trading session of this news was +2.58%.
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ROLLING MEADOWS, Ill., Dec. 1, 2021 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of Caulfield, Victoria-based Sound Insurance Services. Terms of the transaction were not disclosed.
Founded in 2011 by Simon Feldman and Morris Alessi, Sound Insurance is a retail property/casualty broker serving small and mid-market corporate clients in the Melbourne Central Business District and Victoria from its primary office in Caulfield and a smaller office in the Docklands. Feldman, Alessi, Daniel Winkel, Mark O'Sullivan and their associates will continue to operate from their Caulfield location under the direction of Sarah Lyons, head of retail property/casualty brokerage operations for Gallagher in Australia.
"Sound Insurance is a well-regarded broker with a strong growth record that will enhance our capabilities in Melbourne, particularly in the small corporate and mid-market segment," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am delighted to welcome Simon, Morris, Daniel, Mark and their associates to our growing, global 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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