Gallagher Tells Of Sale, Aquisition
By Mark E. Ruquet
NU Online News Service, April 19, 9:21 a.m. EST?Insurance broker Arthur J. Gallagher announced the sale of an investment interest that would net the firm $12 million and the acquisition of an international benefits management company.
The Itasca, Ill. ? based firm said it has sold an interest in Asset Alliance Corp., an international financial institution, which would net the firm $12 million.
Gallagher will still hold 24 percent in common stock and 22 percent of total equity in the firm, said Michael J. Cloherty, Gallagher's executive vice president.
According to a spokesman for Asset Alliance, the sale was made to Nikko Cordial Securities, a global firm headquartered in Tokyo.
AJG also announced the acquisition of the benefits management firm, NiiS/Apex Group Holdings, Inc., headquartered in Salem, Mass.
Terms of the transaction were not disclosed.
NiiS/Apex provides claims management and auditing, actuarial and employee benefits consulting and other consulting services for medical, disability, workers' compensation and other property-casualty coverage to clients through nine offices nationally and one in London.
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