US-based insurance brokerage and risk management services firm Arthur J. Gallagher & Co has purchased Bollinger, expanding its Northeastern operating platform and market presence in core businesses.
The transaction will generate over $100m in annualized revenue across the three operating units and the total net consideration includes $172m net cash and issuance of 3.2 million Gallagher shares valued at $140m less the value of tax assets acquired.
Managing more than $1bn in insurance premiums into the marketplace on an annual basis, Bollinger covers retail property and casualty insurance placement, wholesale brokerage and program management, and employee benefits brokerage and consultancy.
The firm's business operates through eight offices in New Jersey, New York, Pennsylvania and Connecticut, with 500 employees.
Arthur J. Gallagher & Co chairman, president and CEO J. Patrick Gallagher, Jr., said, "Because Bollinger's growth strategy, operating structure and sales culture are very similar to Gallagher's, I'm confident that the integration will be extraordinarily successful.
Most importantly, we will be able to offer additional and/or expanded sales and service capabilities to our clients through our combined resources."
Jack Windolf, Bollinger chairman and CEO will remain with the merged company and will lead the transition and integration process.
The combined retail property and casualty business will be led by Matt Gardner and will operate under the direction of Doug Brown, Gallagher Northeast region retail property and casualty brokerage leader.
Gallagher Eastern region employee benefit brokerage and consulting leader Chip Graber will continue to oversee the retail and wholesale operations and will report to David Ziegler.
Alex Crispo will oversee the integration of the employee benefits TPA and MGU programs within Gallagher's Northeast benefits units as well as provide administrative leadership for the broader New Jersey and New York property & casualty operations.
Led by Lori Crispo, Bollinger Sports Programs division will operate under the direction of Greg Pellegrini, RPS' programs leader.
