Arthur J. Gallagher & Co., has picked up US-based wholesale transport insurance broker Joseph Distel & Co., for an undisclosed sum. The deal strengthens the firm’s whosesale insurance presence in the Northeast.
Joseph Distel & Co., founded in 1955, is a wholesale insurance broker located in Farmington, Connecticut. The wholesale broker, which operates across the Northeast, provides independent insurance agents and broker clients with specialty insurance products and services, including excess and surplus, property/casualty and professional business liability. The broker, operated by Ken Distel, is specialised in the transportation industry.
It was recently announced that Joseph Distel & Co. has been acquired by Arthur J. Gallagher & Co. for an undisclosed sum. The deal will strengthens Gallagher’s wholesale footprint in the Northeast, boosting its capabilities with more than 60 years of specialty product knowledge – which, according to the firm, enables them to handle and match hard to place risks with the appropriate premium. Distel and his associates will continue to operate from Farmington, under Joel Cavaness, President of Risk Placement Services (a subsidiary of Gallagher).
J. Patrick Gallagher, Jr., President and CEO adds that, "Their expertise will be a wonderful complement to our expanding wholesale network, and we are extremely pleased to welcome Ken and his colleagues to our growing Risk Placement Services' family of professionals."
The deal continues Gallagher’s strategy of inorganic growth in the US.