Gallagher buys new specialty lines wholesale broker in US

Insurance brokerage and risk management firm Arthur J Gallagher has purchased an Illinois-based specialty lines wholesale broker to expand its high-net-worth offerings in the US Midwest region.

Gallagher has acquired Mavon & Co., a family-run specialty lines wholesale broker, and its retail insurance agency subsidiary Mavco Insurance Agency, for an undisclosed sum.

Both firms serve the insurance needs of high-net-worth personal lines clients, as well as commercial business owners, with a focus on professional lines.

Following the deal, Phil Mavon and his associates will continue to operate from their current location under the direction of Matt Lynch, VP-Central Binding Region for Risk Placement Services, Gallagher's US wholesale brokerage, binding authority and programmess division, and Jeff Saunders, president of personal lines for Gallagher's US retail property/casualty brokerage operations.

"G.A. Mavon and Mavco Insurance Agency are well-respected businesses with a similar culture to ours that will expand our high-net-worth offerings in the Midwest region," said J. Patrick Gallagher, Jr. (pictured), chairman, president and CEO. "We are very pleased to welcome Phil and his associates to our rapidly growing team."