Arthur J. Gallagher & Co. has acquired California-based insurance advisor, Farallone Pacific Insurance Services for an undisclosed price.
Headquartered in Novato, Farallone Pacific is also an insurance broker, but with a focus on the property and casualty (P&C) segment.
Founded in 2004, it specializes in distributing insurance and risk management solutions for schools, affordable housing, nonprofits and private clients.
Arthur J. Gallagher chairman, president and CEO J. Patrick Gallagher, Jr. said: "Farallone Pacific's significant strengths in the nonprofit, affordable housing and charter school space are highly complementary with Gallagher's own practices and represent a continuation of our expansion efforts in those areas."
Farallone Pacific’s founder and CEO Dan Costello along with his associates will carry on working from their existing location. They will report to Arthur J. Gallagher’s head of Southwest retail property/casualty brokerage operations, Scott Firestone.
The acquisition of Farallone Pacific comes within days of another transaction carried out by the global insurance broker with Nicoud Insurance Services. Based in Springfield, Illinois, Nicoud is a property and casualty broker and also an employee benefit consultant.
It focuses particularly on financial organizations, senior care or healthcare providers and automotive service providers.
While Farallone Pacific marks the second acquisition of Arthur J. Gallagher this month, the global insurance broker had announced three acquisitions in February.
The companies acquired by Arthur J. Gallagher last month are California-based Lewis & Associates Insurance Brokers, Wisconsin-based Kelly Financial and Australia based Ace IRM Insurance Broking Group.
Arthur J. Gallagher which is headquartered in Rolling Meadows, Illinois, is into insurance brokerage and risk management with operations across 33 countries. Its services are offered in over 150 countries via a network comprising correspondent insurance brokers and consultants.
Image: Arthur J. Gallagher & Co. has added Farallone Pacific to its portfolio. Photo: courtesy of stockimages/freedigitalphotos.net.