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ITASCA, Ill., Jan. 29 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced the signing of a definitive agreement to acquire the Lowndes Lambert Group Canada, Ltd. headquartered in Toronto, Ontario. Terms of the transaction were not disclosed. The transaction is expected to close mid-February, 2007.
With a 50 year history, Lowndes Lambert Group Canada, Ltd. is a Canadian property/casualty retail insurance broker offering risk management, commercial, and personal lines insurance services to their North American client base. They also specialize in insurance products for transportation, hospitality and pharmaceutical businesses. Philip G. Kane and his associates will continue to operate from their eight Canadian locations under the direction of James S. Gault, President of Gallagher's Brokerage Services Division - Retail.
"We are delighted to partner with the Gallagher organization," said Philip G. Kane, current President and Chief Executive Officer of Lowndes Lambert Group Canada, Ltd. "Our coast-to-coast Canadian exposure and highly- experienced team will help expand their North American capabilities, and they will bring significant value through their capital resources and market position. Given our similar business cultures, Gallagher is the best fit for our staff, clients and markets."
J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer said, "Lowndes Lambert has an outstanding reputation for putting their clients first, and indeed, their successful growth has been based on developing new risk solutions and expanding their capabilities. Their client dedication, niche practices and solid Canadian presence will be an excellent addition to our Gallagher team. We are thrilled at the prospect of working together to expand our North American footprint and extremely pleased to welcome Philip and his associates to our growing 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 seven countries and does business in 120 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. -0- 01/29/2007 /CONTACT: Marsha J. Akin, Investor Relations of Arthur J. Gallagher & Co., +1-630-773-3800/ /Web site: http://www.ajg.com / (AJG) CO: Arthur J. Gallagher & Co.; Lowndes Lambert Group Canada, Ltd. ST: Illinois, Ontario IN: FIN INS SU: TNM TG-AM -- CGM044 -- 4438 01/29/2007 14:01 EST http://www.prnewswire.com