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Arthur J. Gallagher Acquires Shuford Insurance

Posted on: Tue, 24 Nov 2009 15:12:00 EST

Symbols: AJG

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ITASCA, Ill., Nov 24, 2009 (A. M. Best via COMTEX) --
AJG | Quote | Chart | News | PowerRating -- International insurance broker and risk management services firm Arthur J. Gallagher & Co. said it has acquired Concord, N.C.-based Shuford Insurance Agency Inc.

Terms of the transaction were not disclosed.

Independent insurance agency Shuford Insurance Agency offers personal and commercial property/casualty insurance products and services in the Eastern United States. The agency, founded in 1938, specializes in insurance for industries such as motorsports, construction and manufacturing, and for all personal lines coverages.

J. Knox Hillman Jr. and his associates will continue to operate in the Concord location under the direction of Mitchel Brashier, southeastern regional manager of Gallagher's retail property/casualty brokerage operations, Arthur Gallagher (NYSE: AJG | Quote | Chart | News | PowerRating) said in a statement.

Their specialized niche products and their mid-Atlantic location will be complements to Gallagher's southeastern region, J. Patrick Gallagher Jr., chairman, president and chief executive officer, said in a statement.

Arthur J. Gallagher declined to comment beyond its press release.

Arthur J. Gallagher has made several acquisitions over the year. Most recently, it acquired wholesale broker Triad Insurance Agency Inc., in Honolulu, from the Bank of Hawaii (BestWire, Oct. 26, 2009). Also in October, it acquired Fox Lawson & Associates, a consulting firm in St. Paul, Minn. that specializes in compensation and human resources issues (BestWire, Oct. 5, 2009).

Gallagher, based in Itasca, Ill., is the fourth-largest broker in the world based on 2008 brokerage revenue, according to the Best's Review ranking of global brokers.

The company's stock was trading at $22.70 a share on the afternoon of Nov. 24, down 0.26% from the previous close.

(By Lori Chordas, senior associate editor, Best's Review: Lori.Chordas@ambest.com)

For full details on Arthur J. Gallagher & Co (AJG) AJG. Arthur J. Gallagher & Co (AJG) has Short Term PowerRatings at TradingMarkets. Details on Arthur J. Gallagher & Co (AJG) Short Term PowerRatings is available at This Link.

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