Gallagher snaps up Texas MGA Pronto
Insurance brokerage and risk management firm Arthur J Gallagher has signed a definitive agreement to acquire 100 percent of the equity interests of Pronto Holdco, the parent company of Pronto Insurance.
Founded in 1997 and headquartered in Brownsville, Texas, Pronto is a full-service managing general agency (MGA), broker and claims administrator. Pronto's primary business is the placement of personal automobile insurance for consumers throughout Texas, California and Florida, with a special focus on serving the rapidly growing Hispanic market. The company operates an omni-channel distribution network of Pronto-owned agencies, franchise agents, independent agents and a direct-to-consumer ecommerce platform.
Following the acquisition, Pronto's entire corporate management team will continue to operate from their current locations under the direction of Joel Cavaness, president of risk placement services (RPS), Gallagher's wholesale and MGA operation.
The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2018.
"Pronto's deep product expertise and data-driven marketing will provide a great addition to RPS's product offerings and will further expand our capabilities as one of the largest MGAs in the US," said Cavaness.
J Patrick Gallagher, Jr., chairman, president and CEO, added: "Pronto provides us a terrific opportunity to significantly expand into the rapidly growing Hispanic market. We look forward to welcoming Jorge, Wendy, Clemente and their colleagues to Gallagher."
Jorge Barcena, president and CEO of Pronto Insurance, commented: "Gallagher and RPS are the right partners for us — we admire their culture and way of conducting business. We are extremely excited about the opportunity to continue to serve the Hispanic community as part of such an exemplary organization."
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