Gallagher Acquires AssuredPartners for $13.45 Billion

(Reuters) – Arthur J. Gallagher announced on Monday its agreement to acquire insurance broker AssuredPartners in a deal valued at $13.45 billion, aiming to strengthen its presence in the rapidly growing middle-market segment.

Gallagher joins rival insurance brokers Aon (NYSE:AON) and Marsh McLennan (NYSE:MMC), who have recently completed significant deals to enhance their position in the middle-market insurance sector.

The middle-market insurance sector targets services for mid-sized companies with annual revenues ranging from $10 million to $1 billion.

Gallagher plans to finance the acquisition, expected to close in the first quarter of 2025, using a combination of cash, debt, and equity.

AssuredPartners, headquartered in Orlando, Florida, was founded in 2011 by private equity firm GTCR and has since grown to be one of the largest insurance brokers in the U.S. After being sold to Apax Partners in 2015, GTCR led a group to reacquire the company from Apax in 2019.

In the previous year, Gallagher also acquired Cadence Bank's insurance brokerage unit for $904 million.