Arthur J. Gallagher Acquires The Galtney Group

June 18, 2001

First Union Securities announced the sale of The Galtney Group Inc. to Arthur J. Gallagher & Co., the world’s fourth largest insurance broker. The Galtney Group retained First Union Securities to serve as the company’s exclusive financial advisor in the transaction.

The Galtney Group is an independent property and casualty insurance broker focused exclusively on the healthcare industry. Through its subsidiaries, the company specializes in structuring and placing medical malpractice and professional liability insurance policies for a wide range of medical professionals including hospital directors and officers, and physicians and hospitals involved in managed care. In 2000, The Galtney Group placed approximately $300 million in premiums for its clients.

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