Arthur J. Gallagher & Co. has announced an agreement to acquire the partnership interests of BCHR Holdings, known as Buck, in the firm’s largest HR benefits acquisition to date, valued at $660 million.
Buck is a leading provider of retirement, HR and employee benefits consulting and administration services, primarily serving customers throughout the US, Canada and the UK.
Gallagher suggests that the benefits of the acquisition include expanding its value proposition within retirement, benefits & HR consulting, administration, and technology, alongside enhancing its broad suite of professional services.
J. Patrick Gallagher, Jr., Chairman, President and CEO of Arthur J. Gallagher, commented, “Providing a comprehensive suite of products and services that allows employers to attract, engage, and retain talent is at the heart of Gallagher Benefit Services’ mission and our global Gallagher Better Works value proposition.
“Through the complementary strengths of Buck’s defined benefit offerings, investment consulting, digital employee engagement platform and international footprint, the acquisition will broaden, deepen, and enhance our client offerings.
“I look forward to welcoming the 2,300 new colleagues joining us as part of this transaction to our growing Gallagher family of professionals.”
The deal will combine similar sales cultures focused on client service, employee engagement, and innovation.
Further, the employee benefits management team will be strengthened, and “bSuite”, a leading proprietary software platform for benefits administration and employee engagement, will be added.
In December, Gallagher announced the acquisitions of Queensland-based Aviation Insurance Australia, and Minnesota-based Mahowald Insurance, LLC.
November was equally busy, with the re/insurance broking firm acquiring North Carolina-based PIUS Limited and its affiliate Newlight Capital, which was soon followed by the news that it had acquired California-based Bulen & Associates Insurance Services, Inc.
Buffalo, New York-based M&T Insurance Agency, Inc., an indirect subsidiary of M&T Bank Corporation, was also acquired earlier that same month.
