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Terms were not disclosed.
Phil Rellinger of Triad and his team of 20 to 25 employees will continue to operate in Honolulu under the direction of Joel Cavaness, president of Itasca, Ill.-based Risk Placement Services Inc., the wholesale arm of Arthur J. Gallagher & Co.
This is Risk Placement Services' first acquisition in Hawaii, said Marsha Akin, manager of investor relations for Arthur J. Gallagher & Co.
Triad Insurance Agency is a managing general agent and wholesale insurance broker founded in 1967. It provides excess and surplus property/casualty coverage and other specialty insurance products and services to retail insurance agents and broker clients throughout Hawaii.
Arthur J. Gallagher & Co. (NYSE:AJG) is the fourth-largest global insurance broker by 2008 brokerage revenue, according to Best's Review's top global brokers' ranking.
The company's stock closed at $24.14 a share on the afternoon of Oct. 26, down 0.66% from the previous close.
(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com)
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