ROLLING
MEADOWS, Ill., Sept. 29,
2022 /PRNewswire/ -- Arthur J. Gallagher &
Co. today announced it has signed a definitive agreement to acquire
Buffalo, New York-based M&T
Insurance Agency, Inc. (MTIA), an indirect subsidiary of M&T
Bank Corporation. In connection with the transaction, Gallagher
will become the preferred insurance broking partner of M&T
Bank. The transaction is subject to regulatory approval and is
expected to close during the fourth quarter of 2022.
Founded in 1955 and operating under its current name since 2005,
MTIA is a retail insurance agency offering an array of property and
casualty products, customized group benefits and surety solutions
to clients in the Northeast and mid-Atlantic. John Rumschik, Bart
Kresse, Zachary Howe and
their teams will operate under the direction of Patrick Kennedy, head of Gallagher's Northeast
region retail property/casualty brokerage operations.
"M&T Insurance Agency has a long record of client-focused
offerings and expertise, and this will help us expand our footprint
in the New York region," said J.
Patrick Gallagher, Jr., Chairman,
President and CEO. "We look forward to welcoming John, Bart,
Zachary and their associates to Gallagher."
Arthur J. Gallagher & Co.
(NYSE:AJG), a global insurance brokerage, risk management and
consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides
these services in approximately 130 countries around the world
through its owned operations and a network of correspondent brokers
and consultants.
Investors: Ray
Iardella
|
Media: Paul
Day
|
VP - Investor
Relations
|
Communications
Manager
|
630-285-3661/ ray_iardella@ajg.com
|
630-285-5946/
paul_day1@ajg.com
|
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SOURCE Arthur J. Gallagher &
Co.