Las Vegas-based Aviation Insurance Holdings has signed a letter of intent to purchase the Aviation Agency of Crystal Lake, Ill.
Larry Galizi, founder and CEO of the Aviation Agency, will be retained as president and CEO on a long-term contract. Michael S. Calhoun is joining AIS as senior vice president in the Chicago area.
Calhoun was formerly senior vice president and central region manager at Willis. AIH is the parent company of several Aviation Insurance Services offices located in Las Vegas, Salt Lake City, Miami, New Jersey and Hawaii.
The acquisition makes AIS the third largest aviation insurance broker in North America, according to the company.
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