Arthur J. Gallagher acquires Hanover Excess & Surplus

Arthur J. Gallagher & Co,. global insurance brokerage, risk management and consulting services firm, has acquired Wilmington, NC-based Hanover Excess & Surplus. Terms of the transaction were not disclosed.

Established in 1970, Hanover Excess & Surplus is a regional managing general agency offering hard-to-place coastal commercial and personal property/casualty coverages, as well as professional liability coverages, to clients across North Carolina, South Carolina, Virginia and Georgia.

Hanover president Matt Letson and his associates will continue to operate from their Wilmington location under the direction of Joel Cavaness, head of risk placement services (RPS), Gallagher's US wholesale brokerage operation.

"Hanover Excess & Surplus will enhance our presence in North Carolina, and brings additional specialty market expertise and strong leadership capabilities to RPS," said J. Patrick Gallagher, Jr., chairman, president and CEO of Arthur J. Gallagher & Co. "I am excited to welcome Matt and his associates to our growing global enterprise."