Gallagher Acquires Texas Broker

ITASCA, Ill., Aug 19, 2008 (A. M. Best via COMTEX) -- AJG | Quote | Chart | News | PowerRating -- Arthur J. Gallagher & Co. has acquired Texas commercial broker Wm. W. George & Associates Inc., the company said.

Terms of the transaction were not disclosed.

Dallas-based Wm. W. George & Associates is a retail insurance broker offering risk management, commercial property/casualty and accident/health insurance and employee benefits services, focusing on midsize to large accounts, the broker said in a statement.

Wm. W. George & Associates? management and staff will continue to operate in its Dallas location under the direction of Michael Henthorn, south central regional manager of Gallagher's retail property/casualty brokerage operation.

Gallagher (NYSE: AJG | Quote | Chart | News | PowerRating) acquired a Tennessee broker last month (BestWire, July 24, 2008).

Gallagher is the fifth-largest broker in the world, according to the Best?s Review ranking of top global brokers, with $1.1 billion in brokerage revenue in 2007. Based in Itasca, Ill., Gallagher has operations in 13 countries and does business in more than 100 through a network of correspondent brokers and consultants.

Shares of Arthur J. Gallagher & Co. were selling at $26.01 in afternoon trading on Aug. 19, up 0.58% from the previous close.

(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)

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