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Arthur J. Gallagher & Co. (AJG) is an American global insurance brokerage and risk management services firm headquartered in Rolling Meadows, Illinois (a suburb of Chicago). The firm was established in 1927 and is one of the largest insurance brokers in the world.
 | |
| Company type | Public |
|---|---|
| Industry | |
| Founded | 1927 in Itasca, Illinois, U.S. |
| Founder | Arthur J. Gallagher |
| Headquarters | Rolling Meadows, Illinois, U.S. |
Key people | J. Patrick Gallagher, Jr. (chairman, president, & CEO); Douglas K. Howell (vice president & CFO) |
| Products | |
| Revenue |  US$10.07 billion (2023) |
| US$1.69 billion (2023) | |
 US$970 million (2023) | |
| Total assets | US$51.62 billion (2023) |
| Total equity | US$10.82 billion (2023) |
Number of employees | 52,000 (2023) |
| Website | AJG.com |
| Footnotes / references [1] | |
History
editThe company dates back to 1927 when Arthur James Gallagher started a brokerage firm in Illinois. The end of World War II brought his three sons, John, James, and Robert into the business. The company incorporated in 1950 when revenues were $175,000. In 1957, the firm won Beatrice Foods Company as a client.
Despite the stiff competition in a crowded domestic market that put steady downward pressure on property and casualty premiums during the 1990s and dating back to the late 1980s, the firm was still able to record double-digit growth in all but three years from 1990 through 2000, according to Investor's Business Daily.[citation needed]
Gallagher's purchased 16 smaller brokerages during 2000. The firm had grown its presence to include about 50 U.S. cities.[2]
A history and the values of the firm were documented by Robert E. Gallagher and Alison Kittrell in a book called The Gallagher Way, published in 2005 by Marketing Counsel and iUniverse.[3]
In 2010 Gallagher Brazil was established following the company's takeover of Securitas Re of São Paulo from Estater Gestao de Investimentos Ltda.[4]
In July 2015 the firm was ranked third in the Best's Review world's largest brokers list.[5]
In June 2016, it was announced that Gallagher had joined the Fortune 500 for the first time.[6] Gallagher ranks 416 on the list as of 2 June 2021.[7]
In September 2020, Gallagher announced that it was a victim of a ransomware attack.[8]
In February 2021, Gallagher was recognized on the list of World's Most Ethical Companies by independent international arbiter Ethisphere. It was the company's tenth consecutive year of being on the list.[9][10]
In July 2022, Arthur J. Gallagher & Co. acquired Four Corners Group Inc., a Canadian executive search firm, for an undisclosed amount.[11]
In October 2023, Arthur J. Gallagher & Co. acquired Cadence Bank's Baton Rouge, Louisiana–headquartered subsidiary, Cadence Insurance for $904 million.[12]
International business
editDuring the first second quarter and the first half of the year, the company improved their profitability margin and posted growth in revenue and in earnings per share. The second quarter of 2016 saw Arthur J. Gallagher & Co. (NYSE: AJG) post an overall organic growth of 3.6% with $939 million in revenue in reported GAAP.[citation needed] Domestically in the United States, the company saw about 3% organic growth.
India
editArthur J. Gallagher India Limited was incorporated in 2002. India- Gallagher service center LLP Bengaluru, Mumbai, Pune, Shivamogga and Kolhapur.
Singapore
Arthur J. Gallagher & Co. acquired Singapore-based ITI Solutions Pte Ltd. in 2011.[13] ITI is a specialist insurance broker with expertise in marine cargo, political risk, trade credit risk, and specialty lines. ITI was rebranded as Gallagher Singapore.
Singapore branches: Singapore
Europe
editIn July 2016, Arthur J. Gallagher acquired an 85% stake in Swedish specialist insurance and reinsurance broker Brim AB.[14] At the time of acquisition, the Scandinavian brokerage posted revenues of $11.4 million and employed under 30 people. Scandinavia is an area of strategic development for Arthur J. Gallagher and this deal bolstered their purchase of Norwegian specialty insurance broker Bergvall Marine AS in December 2013.
United Kingdom
editBetween 2010 and 2012 British operations have grown in importance. In 2012 the UK was the source of 14% of company revenue - $352.3m up 137% versus 2010. The United States contributes 80% of revenue - $2,006.1m up 24%. The other 6% came from Australia, Bermuda and Canada ($161.9m up 59%).[citation needed]
In September 2023, it was announced Arthur J. Gallagher & Co., had acquired the UK-based personal lines insurance broking service, Lifesure Group Limited, for an undisclosed amount.[15]
Scotland branches: Aberdeen, Ayr, Dumfries, Dundee, Edinburgh, Fort William, Glasgow, Inverness, Kilwinning, Irvine, Newton Stewart and Stirling.
England branches: Birmingham, Bordon, Bournemouth, Brierly Hill, Bristol, Brixham, Chelmsford, Chester, Chichester, Coventry, Croydon, Exeter, Feering, Gloucester, Godalming, Guildford, High Wycombe, Horsham, Ipswich, Leatherhead, Leeds, Leicester, Liss, Liverpool, Newcastle, Norwich, Nottingham, Orpington, Poole, Portsmouth, Rickmansworth, Sevenoaks, Sheffield, Southampton, St. Austell, Swindon, Talbot Green, Wakefield and Wigan.
Channel Islands branches: Jersey, Guernsey and Alderney
Northern Ireland branches: Belfast
Wales branches: Cardiff, Llantrisant, Newport, Tonyrefail and Wrexham
Other branches: Isle of Man
In April 2018, Gallagher was announced as the new name sponsor of Premiership Rugby, the top flight of England's rugby union league system. The deal took effect with the 2018–19 season.[16]
Oceania
editAustralia
editIn 2014, Arthur J. Gallagher expanded their brand proposition in Australia with the acquisition and rebranding of OAMPS Insurance Brokers.[17]
Australia branches: Adelaide, Alice Springs, Bacchus Marsh, Ballarat, Beenleigh, Bexley, Brisbane, Cairns, Canberra, Darwin, Dubbo, East Melbourne, Hobart, Horsham, Katherine, Launceston, Mulgrave, Newcastle, Sydney, Perth, Shepparton, Toowoomba, Townsville, Wagga Wagga, Wangaratta, Warragul, and Wollongong.
New Zealand
editIn 2014, Arthur J. Gallagher purchased New Zealand nationwide insurance brokerage, Crombie Lockwood, New Zealand branches: Auckland, Blenheim, Christchurch, Dunedin, Greymouth, Hamilton, Invercargill, Kaitaia, Kapiti, Kerikeri, Napier, Nelson, New Plymouth, Palmerston North, Queenstown, Takapuna, Taupō, Tauranga, Whanganui, Wellington, and Whangārei.
North America
editCanada
editIn February 2015, Arthur J. Gallagher & Co. acquired Ottawa-based Cohen & Lord Insurance Brokers Ltd. The terms of the transaction were not disclosed.
In November 2015, the firm acquired Christie Phoenix Ltd.[18] and their affiliate Discovery Insurance Services Ltd., both located in Victoria B.C. Christie Phoenix is a retail insurance broker founded more than 40 years ago and specializes in providing commercial property and personal lines of insurance service to middle-market and individual clients across British Columbia.
In June 2016, Arthur J. Gallagher & Co. reached a milestone in the Canadian market by rebranding Noraxis group of insurance brokers to Arthur J. Gallagher Canada Limited.[19]
Ethisphere Institute recognizes Arthur J. Gallagher & Co. as one of the World's Most Ethical Companies for the seventh consecutive year.
Canada branches: Calgary, Edmonton, Halifax, London, Markham, New Glasgow, Ottawa, Moncton, Hartland, Toronto, Montreal, Laval and Winnipeg.
United States
editIn August 2017, the firm announced the acquisition of employee benefits insurance agency Ballard Benefit Works, Inc., based in Howell, Michigan.[20]
In September 2023, it was announced Arthur J. Gallagher & Co. had agreed to acquired the Natick, Massachusetts-headquartered, Eastern Insurance Group, a subsidiary of Eastern Bank.[21]
In October 2023, it was announced Arthur J. Gallagher & Co. had acquired the Southfield, Michigan-headquartered retail insurance broker, Meadowbrook Insurance Agency for an undisclosed amount.[22]
On 3 April 2023, Arthur J. Gallagher & Co. announced that it had completed the previously disclosed acquisition of the partnership interests of BCHR Holdings, L.P., d.b.a. Buck.[23]
Caribbean
editCaribbean branches: Antigua, Bermuda, Barbados,Trinidad and Tobago, Dominica, Grenada, Jamaica, St. Lucia, St. Vincent and the Grenadines, as well as St. Kitts and Nevis.
South America
editBrazil
editIn December 2022, it was announced Arthur J. Gallagher & Co. had acquired the São Paulo-headquartered retail insurance broker, Interbrok Group for an undisclosed sum.[24]
Chile
editChile branches: Santiago and Viña del Mar.
Colombia
editColombia branches: Bogotá, Medellín, Cali, Barranquilla and Cartagena.
References
edit- ^ "US SEC: Form 10-K Arthur J. Gallagher & Co". U.S. Securities and Exchange Commission. February 9, 2024.
- ^ "Why this global insurer is enjoying a steady uptrend". Money mag. 26 June 2019. Retrieved 26 June 2020.
- ^ Kittrell, Alison (October 13, 2005). Author (1 ed.). Lincoln, NE, USA: iUniverse. ISBN 978-0-595-37114-3.
- ^ "AJ Gallagher Buys Brazil Facultative Reinsurance Broker". 2010-02-17.
- ^ "Best's Review - July 2015 Edition". Archived from the original on 2016-09-23. Retrieved 2016-12-19.
- ^ "Here Are The 15 New Companies Joining The Fortune 500". fortune.com. 2016-06-06. Retrieved 2016-06-07.
- ^ "Arthur J. Gallagher". Fortune. Archived from the original on 2019-06-30. Retrieved 2017-08-17.
- ^ "Insurance Broker Gallagher Reports Ransomware Attack". Insurance Journal. 2020-09-29. Retrieved 2020-10-08.
- ^ Ethisphere. "Honorees 2020". Ethisphere® Institute | Good. Smart. Business. Profit.®. Retrieved 2020-02-28.
- ^ "Gallagher Named For The 10th Consecutive Year As One Of The World's Most Ethical Companies By Ethisphere". PR Newswire (Press release). Retrieved 2021-02-23.
- ^ "Arthur J. Gallagher & Co. Acquires Toronto's Four Corners Group Inc". Insurance Journal. 2022-07-19. Retrieved 2022-07-20.
- ^ "Cadence Bank to sell insurance business to Arthur J Gallagher for $904 mln". Reuters. 2023-10-24. Retrieved 2023-10-24.
- ^ "03 - Insurance News | Price Forbes". www.priceforbes.com. Retrieved 2016-09-20.[permanent dead link]
- ^ "Arthur J. Gallagher & Co. Acquires Majority Interest In Brim AB | Brim". www.brim.se. Retrieved 2016-09-20.[permanent dead link]
- ^ Jain, Saumya (2023-09-05). "Arthur J. Gallagher & Co acquire Lifesure Group - Reinsurance News". ReinsuranceNe.ws. Retrieved 2023-09-05.
- ^ "Gallagher Premiership Rugby to kick off on 31 August 2018" (Press release). Premiership Rugby Limited. April 12, 2018. Archived from the original on 30 May 2018. Retrieved April 17, 2018.
- ^ "Arthur J. Gallagher expands brand in Australia as OAMPS rebrands | Arthur J. Gallagher". www.ajg.com.au. Archived from the original on 2016-09-23. Retrieved 2016-09-20.
- ^ "Arthur J. Gallagher & Co. Acquires Christie Phoenix (Victoria) Ltd. - Insurance Distribution - For Industry Professionals - Insurance-Canada.ca". www.insurance-canada.ca. Retrieved 2016-09-20.[permanent dead link]
- ^ International, Arthur J. Gallagher. "Arthur J. Gallagher Canada". ajgcanada.com. Archived from the original on 2016-09-22. Retrieved 2016-09-20.
- ^ "Arthur J. Gallagher (AJG) Annnounces [sic] Acquisition of Ballard Benefit Works Inc". StreetInsider.com. Retrieved 2017-08-17.
- ^ Jain, Saumya (2023-09-21). "Arthur J. Gallagher acquires Eastern Insurance Group - Reinsurance News". ReinsuranceNe.ws. Retrieved 2023-09-21.
- ^ Jimenez-Sanchez, Kassandra (2023-10-19). "Arthur J. Gallagher & Co. acquires Meadowbrook Insurance Agency - Reinsurance News". ReinsuranceNe.ws. Retrieved 2023-10-19.
- ^ "Arthur J. Gallagher & Co. Completes Acquisition of Buck". Arthur J. Gallagher. 3 April 2023.
- ^ "Arthur J. Gallagher acquires Brazil-based Interbrok Group - Reinsurance News". ReinsuranceNe.ws. 2022-12-29. Retrieved 2022-12-29.
External links
edit- Official website
- Business data for Arthur J. Gallagher & Co.: