Arthur J. Gallagher
& Co. is acquiring Partners Advantage Insurance Services in a significant
deal that gives the Chicago-based insurance giant a toehold in the insurance
marketing organization space.
Terms of the deal
were not disclosed.
Founded in 1993,
Partners Advantage is a big IMO providing insurance products, marketing, underwriting,
agent development, and recruiting support for the producers and managing
general agents.
According to a news
release, the Partners' team will continue to operate from their current
locations in Urbandale, Iowa, and in Irvine, Riverside and El Dorado Hills,
Calif., under the direction of Jeff Leonard, Gallagher's North America
Financial & Retirement Services Leader, and John Neumaier, head of
Gallagher's Great Lakes Region.
Arthur Gallagher is
a global insurance brokerage and risk management services firm established
in 1927 and is the third-largest insurance broker in the world. The company
acquired about 400 companies in various insurance and consulting company deals
since 2010.
"This expands
the network capabilities of our Financial & Retirement Services practice
and deepens our service offerings by leveraging the leadership Partners
Advantage has developed in its specialized wholesale space," said J.
Patrick Gallagher, Jr., chairman, president and CEO.
According to
Fortune 500, AGC does business in 35 countries and has nearly 27,000 employees.
Founded by Arthur James Gallagher in 1927, the company continues to deal
primarily in property & casualty, risk insurance and employee retirement
plan services.
AGC was added to
the Fortune 500 list in 2016, coming in at 471. Since then, the company rose to
464 in 2017 and 454 in 2018.
Partners Advantage
gives Gallagher a big stake in the insurance intermediary space, where IMOs
compete for producers and clients.
"Our practice
is dedicated to helping organizations and individuals achieve better financial
wellbeing outcomes, and we are confident that this partnership will enable us
to extend this expertise and commitment to additional clients and
prospects," Leonard said. "We are excited that this outstanding team
has joined Gallagher and we look forward to their contributions."
"Our
independent insurance distributors will continue to enjoy quality service and
access to products," said Scott Tietz, CEO of Partners Advantage.
"With the additional resources we gain as part of Gallagher, we anticipate
great opportunities for our distributors in the future."
A privately held
company, Partners Advantage has been growing in its own space. The company
merged with AMZ Financial earlier this year to extend its insurance
distribution network.
Partners is heavily
involved in the indexed space and claims to be "the only firm that has
successfully built and launched 10 top-performing indexed life products."
Partners is based in Riverside, Calif.
InsuranceNewsNet Senior Editor John Hilton has covered business
and other beats in more than 20 years of daily journalism. John may be reached
at john.hilton@innfeedback.com.
Follow him on Twitter @INNJohnH.
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