AJG Acquires Niche Brokerage
By Mark E. Ruquet
NU Online News Service, May 22, 3:57 p.m. EST?Arthur J. Gallagher & Co. is expanding its niche strategy with the acquisition of a national brokerage firm that specializes in commercial agricultural risks and the news media.
The Itasca, Ill.?based broker announced yesterday the acquisition of Cornwall & Stevens Co., Inc., which took affect May 1. Terms of the transaction were not disclosed.
Cornwall & Stevens, established in 1898, handles all lines of property-casualty insurance for a diverse clientele, said Gallagher. The firm has a strong specialization in commercial agricultural risks and the news media.
The company has no headquarters location. It maintains hub operations in Memphis, Tenn., Atlanta and New York City. The firm also conducts business through employees located in the South and Midwest.
The firm will continue to operate in these locations under the Cornwall & Stevens name. Mitchel L. Brashier, Gallagher's Mid-Southern regional manager, and John D. Stancik, Gallagher's Northeastern regional manager, will direct operations.
Michael J. Cloherty, Gallagher's executive vice president, said in a statement that Cornwall & Stevens "is a great complement to our niche strategy" and the firm was looking forward to blending capabilities to better serve clients.
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