Insurance broker Arthur J Gallagher has agreed to buy AssuredPartners in a $13.45 billion all-cash deal, expanding its focus on property and casualty and employee benefits across the US. The transaction is the third major $5 billion-plus insurance broker deal in the last 12 months.
AssuredPartners distributes insurance across various lines, including transportation, energy, healthcare, government contractors, and public entities. The company generated $2.9 billion in adjusted revenue for the past year. Gallagher aims to leverage AssuredPartners’ presence in the commercial middle-market space, where it has operated for nearly a century.
The deal is expected to boost Gallagher’s adjusted profit by double digits and close in the first quarter of 2025. The company plans to finance the transaction through a mix of cash, debt, and equity, with an $8.5 billion stock offering secured separately.
Source: https://www.reuters.com/markets/deals/arthur-j-gallagher-buy-assuredpartners-1345-bln-deal-2024-12-09