Arthur J. Gallagher & Co. has acquired Illinois-based insurance brokerage KRW Insurance Agency. The deal, the value of which has not been disclosed, sees KRW’s 16 staff and leadership continue to operate from their present location, under direction from Gallagher's Midwest region leader Michael Pesch.
KRW Insurance Agency was founded in the 1940s, and is headquartered in Crystal Lake, Illinois. In 1982, the company was acquired by its then CEO Patrick Morehead, and, in 1985, was joined by Alan LaSarre - initially as Partner, and most recently as President. The firm provides a range of services across various segments, including Personal Insurance, Commercial Property & Casualty, Employee Benefits, and Health & Life. The firm has a staff of 16 employees.
Arthur J. Gallagher & Company recently announced the acquisition of the firm. The value of the deal has not been disclosed. The firm’s leadership, including Morehead and LaSarre, will continue to operate the business from its present location, taking direction from Michael Pesch, Head of Gallagher's Midwest region retail property/casualty brokerage operations.
"For over 70 years, KRW has focused on developing its depth of industry expertise, strong market relationships and quality client service," says J. Patrick Gallagher, Jr., Chairman, President and CEO. "Their team's sales-based culture and strong industry specialisations will be a terrific complement to our Midwestern Region. We are very pleased to welcome Pat, Alan and their colleagues to our growing Gallagher family of professionals."
Following a line of acquisitions in 2015 as part of their inorganic expansion strategy in the US, Arthur J. Gallagher & Co. has already made four acquisitions in 2016 of regional insurance brokers alone. The first on the list is Santa Monica-based insurer White and Company in February, followed by retail insurance brokers McNeary, servicing the South Eastern part of the US, and Hogan, operating in Southern California, in May, and as of late insurance broker Ashmore & Associates, with a strong market presence in West Texas, in June.