Arthur J. Gallagher & Co. said it has acquired wholesale insurance broker Continental Excess & Surplus, Inc., trading as Continental/Marmorstein & Malone, located in Paramus, New Jersey and its affiliate, All Risk/CESI, LLC., located in New York City.
Terms of the transaction were not disclosed.
With roots dating back to 1957, the acquired agencies are wholesale insurance brokers and managing general agents providing excess and surplus lines insurance products for independent insurance agents and brokers throughout the Northeast.
Sue Bishop-Mischler, William H. Malone, Jr. and their associates at Continental/Marmorstein & Malone will operate as Risk Placement Services–CM&M. Maya Cruz and her associates at All Risk/CESI, LLC. will operate as Risk Placement Services–CESI. Both offices will operate under the direction of Joel Cavaness, president of Risk Placement Services, Inc., a subsidiary of Arthur J. Gallagher & Co.
The acquisition enables Illinois-based Arthur J. Gallagher & Co. to increase both its wholesale/MGA sales and service capabilities and its presence on the East coast, according to J. Patrick Gallagher, Jr., chairman, president and CEO.
Arthur J. Gallagher & Co. has operations in 15 countries and does business in more than 100 countries.