Arthur J. Gallagher & Co., the Itasca, Illinois-based insurance broker, bought Heiser Insurance Agency Inc. to expand in the U.S. Midwest. Terms weren’t disclosed.
Heiser helps transportation and manufacturing clients find coverage, according to a statement issued today. It is based in Morton, Illinois.
Gallagher and rivals Marsh & McLennan Cos. and Brown & Brown Inc. have been buying brokerages as the industry consolidates. Gallagher has announced more than two dozen deals this year, according to data compiled by Bloomberg. Gallagher said yesterday it had acquired Ahrold Fay Rosenberg, the Des Moines, Iowa-based retail insurance brokerage.
Today’s purchase will “give us a solid footprint in central Illinois,” Gallagher Chief Executive Officer J. Patrick Gallagher Jr. said in the statement.
Gallagher fell less than 1 percent to $34.61 at 3:29 p.m. in New York. It has advanced 3.5 percent this year, trailing the 15 percent rally of the Standard & Poor’s Midcap 400 Index.