Arthur J Gallagher, a US-based insurance brokerage and risk management services company, has purchased Sunderland Insurance Services in Walnut Creek, California, for an undisclosed sum, as part of its ongoing expansion plan.
Sunderland, which was founded in 1985, operates as a managing general underwriter and delivers excess and surplus hired and non-owned auto, liability and umbrella insurance products and services to its wholesale broker clients across the US.
Following completion of the transaction, the acquired entity that also specializeS in mono-line coverage for companies with food delivery services will continue to use their current wholesale distribution system.
In accordance with the terms of the transaction, Holly Belknap and her associates will operate from their current location under the direction of Joel Cavaness, president of Risk Placement Services, a subsidiary of Arthur J Gallagher & Co.
Commenting on the acquisition, Arthur J Gallagher & Co chairman, president and CEO J. Patrick Gallagher, Jr., said: "We are always looking for partners that promote new product alternatives and expand our sales and service presence.
"Sunderland’s depth of experience, focus on client services and product specialization will be a great complement to Risk Placement Services’ niche practice capabilities."
The latest acquisition follows three successful deals earlier in April including acquisition of American Wholesalers Underwriting (AWU), in Stamford, Connecticut; Mike Henry Insurance Brokers (MHIB) in Auckland, New Zealand.
AJG signed an agreement to buy the Wesfarmers Insurance Brokerage operations, which comprises the OAMPS businesses in Australia and the UK, Crombie Lockwood in New Zealand and the associated premium funding operation, in a transaction valued at nearly A$1bn ($933m).
Operating across 25 countries, Arthur J Gallagher & Co offers client-service capabilities in more than 140 countries globally, leveraging a network of correspondent brokers and consultants.
Image: Arthur J Gallagher & Co corporate headquarters in Itasca, Illinois. Photo courtesy of: Arthur J. Gallagher & Co. 1999 -2014.