Arthur J. Gallagher & Co. recently announced the acquisition of AVRECO, based in Chicago, from The Park Group, Inc. The transaction was effective Dec. 31, 2007 and terms were not disclosed.
Founded in 1962, AVRECO is a managing general agent and wholesale insurance broker providing insurance products for independent insurance agents and brokers throughout the U.S. It specializes in niche markets, including medical malpractice and professional liability, non-profit and for-profit D&O, employment-related practices, property for both large accounts and packages, general casualty and excess liability.
William Yurek and his associates will continue to operate from their current locations in Chicago and San Diego under the direction of Joel Cavaness, president of Risk Placement Services, Inc., a subsidiary of Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Ill.
Source: Arthur J. Gallagher & Co.