Arthur J. Gallagher & Co. has picked up Las Vegas based wholesale insurance broker KDC Associates for an undisclosed sum. The deal sees KDC's President, Kevin Lay, continue to operate the business from its premises, now under the direction of Joel Cavaness, President of Gallagher's subsidiary Risk Placement Services.
KDC Associates was founded in 2008 in Las Vegas, Nevada. The company provides independent retail insurance brokers with excess and surplus, property/casualty and other specialty insurance products and services. The firm is specialised in servicing, among others, the commercial construction, hotels, wholesale, manufacturing and property owner industries.
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm with over 20,000 people, recently announced that it has acquired KDC Associates. Terms and conditions of the transaction have not been disclosed. The deal will see the President of KDC, Kevin Lay, continue to run the firm from its current location – now under direction from Joel Cavaness, President of Risk Placement Services, a subsidiary of Arthur J. Gallagher & Co.
"KDC is widely respected in the industry for its strong limited distribution retail network, depth of experience, and dedication to client service. Not only do they add to our wholesale geographic footprint, but their talented sales team brings with it years of specialty product knowledge which enables them to handle and match hard to place risks," says J. Patrick Gallagher, Junior, President and CEO. "Their market relationships and expertise will be a wonderful complement to our expanding wholesale network, and we are extremely pleased to welcome Kevin and his colleagues to our growing Risk Placement Services' family of professionals."
Arthur J. Gallagher & Co. has been actively picking up insurance brokers across the globe in recent months, including Reid Manson, in New Zealand; Sigma II, in the US; Joseph Distel & Co., in the US; and Centennial Insurance Agency, also in the US.