Re/insurance brokerage Arthur J. Gallagher has announced plans to acquire M&T Insurance Agency, a Buffalo, New York-based provider of risk management and employee benefits consulting services.
The company said in a statement that it had signed a definitive agreement to acquire the indirect subsidiary of M&T Bank Corporation. As part of the transaction, Gallagher will become M&T Bank’s preferred insurance brokerage partner. The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2022.
J. Patrick Gallagher, Chairman, President and Chief Executive Officer of Arthur J. Gallagher, said, “M&T Insurance Agency has a long history of customer-focused offerings and expertise, which will help us expand our footprint in the New York area,” said. “We look forward to welcoming John, Bart, Zachary and their associates to Gallagher.”
MTIA is a retail insurance agency offering a suite of property and casualty products, custom group insurance and bonding solutions to customers in the Northeast and Mid-Atlantic. John Rumschik, Bart Kresse, Zachary Howe and their teams will operate under the direction of Patrick Kennedy, who heads up retail property/casualty brokerage operations in the North East region for Gallagher.
Piper Sandler & Co. is acting as exclusive financial advisor and Hodgson Russ LLP is acting as legal advisor to M&T Bank.
Jennifer Warren, senior executive vice president and head of M&T’s Institutional Client Services business, said: “As we began discussing the possibility of this transaction with Gallagher, it became immediately clear that it was acted as the optimal company for our customers and our employees. Our goal was to create a seamless transaction with a world-class company that emphasizes excellence in everything it does. We found that with Gallagher.
Arthur J. Gallagher appears to be on a slew of acquisitions in recent months. In August, it announced it was acquiring Evergreen Insurance Managers. In March it announced it was buying Hawley & Associates and Commercial Insurance Underwriters, while in April it took over GA, Mavon & Co.
Last November, the company also acquired Utah-based Real Estate Insurance Solutions and The VanDyke Group.