Itasca, Ill.-headquartered insurance brokerage giant Arthur J. Gallagher & Co. acquired Capital Bauer Insurance Agency in Albany, N.Y.
The companies did not disclose terms of the transaction. Founded in 1957, Capital Bauer Insurance Agency is a retail insurance broker providing property/casualty, employee benefits and risk management insurance services for commercial and personal lines clients. The firm specializes in placing coverage for the real estate, public entity, higher education, recording studio and water well drilling industries. The agency’s premium volume is around $145 million per year.
Capital Bauer Insurance Agency’s owner David Bauer and his team will continue to operate in their current Albany location under the direction of Douglas Brown, Northeast regional manager of Gallagher’s retail property/casualty brokerage operation.
Arthur J. Gallagher has been buying up scores of agencies in recent months. The brokerage firm acquired some 20 firms in 2011.
“(Capital Bauer Insurance Agency’s) geographic location will also be a significant addition to our current presence in upstate New York, and their specializations will be a terrific fit with our niche expertise in the Eastern region,” Arthur J. Gallagher CEO J. Patrick Gallagher said.
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