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ITASCA, Ill., Jan 24, 2005 /PRNewswire-FirstCall via COMTEX/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the merger of its two United States reinsurance brokerage subsidiaries, Arthur J. Gallagher Intermediaries, Inc. in New York and John P. Woods & Co., Inc. in New Jersey effective immediately.
The surviving subsidiary will operate as Gallagher RE, Inc. under the leadership of Randall S. Jensen, a 25-year reinsurance veteran and current President of Arthur J. Gallagher Intermediaries. This merger and name change to Gallagher RE will allow for a more efficient deployment of client services and improve a corporate-wide effort to build stronger brand awareness for Gallagher's reinsurance brokerage operations.
In addition, Gallagher RE purchased from JLT Re Solutions, Inc. of Lawrenceville, New Jersey certain reinsurance brokerage assets in Minnesota and Alabama, which also includes the addition of several reinsurance professionals, thereby expanding Gallagher RE's presence in the U.S. Terms of the transaction were not disclosed. Gallagher RE now has U.S. operations in New York, New Jersey, Connecticut, Illinois, Georgia, Pennsylvania, California, Alabama and Minnesota.
"We are delighted that both of these transactions have been completed. Having all of our U.S. reinsurance services and brokering capabilities operating under one organization will allow Gallagher RE to better serve the expanding needs of our clients," said J. Patrick Gallagher, Jr., President and CEO of Arthur J. Gallagher & Co. "It will also allow a more cohesive implementation of our strategic plan for global reinsurance. Our reinsurance expansion efforts are evident with the addition of new resources in Minnesota and Alabama, and we are pleased to welcome these new employees to our Gallagher family of professionals."
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in eight countries and does business in more than 100 countries around the world through a network of correspondent brokers and consultants. Gallagher is traded on the New York Stock Exchange under the symbol AJG.
SOURCE Arthur J. Gallagher & Co.
Marsha J. Akin, Investor Relations, of Arthur J. Gallagher & Co., +1-630-773-3800