Gallagher buys P&C insurance agency to expand in New York
Global re/insurance broker Arthur J Gallagher has acquired a property and casualty insurance agency to expand its presence in the New York region.
Gallagher has signed a definitive agreement to acquire Buffalo, New York-based M&T Insurance Agency, an indirect subsidiary of M&T Bank Corporation. Gallagher will become the preferred insurance broking partner of M&T Bank.
The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2022.
Founded in 1955 and operating under its current name since 2005, MTIA is a retail insurance agency offering an array of property and casualty products, customised group benefits and surety solutions to clients in the Northeast and mid-Atlantic.
John Rumschik, Bart Kresse, Zachary Howe and their teams will operate under the direction of Patrick Kennedy, head of Gallagher's Northeast region retail property/casualty brokerage operations.
"M&T Insurance Agency has a long record of client-focused offerings and expertise, and this will help us expand our footprint in the New York region," said J. Patrick Gallagher, Jr., chairman, president and CEO. "We look forward to welcoming John, Bart, Zachary and their associates to Gallagher."
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
