Arthur J. Gallagher & Co. has acquired Evergreen Insurance Managers for an undisclosed amount.
A statement from the firm said it had purchased the wholesale insurance broker and commercial insurance MGA through its Risk Placement Services (RPS) division.
J. Patrick Gallagher, Jr., chairman, president, and CEO of Gallagher, said: “The Evergreen team expands RPS’s presence into the greater Portland market and offers us new growth opportunities in the Pacific Northwest. Their client-first philosophy complements our own, and I am delighted to welcome Dyan, Nancy, and their associates to our growing global company.”
Founded in 2006, Evergreen Insurance Managers is a wholesale insurance broker and managing general agency offering commercial insurance solutions for a wide variety of industries. The team serves clients throughout the Pacific Northwest. Dyan Bates, Nancy Schultz, and their associates will remain in their current location under the direction of Kevin Doyle, VP-Western Region & Chicago for RPS.
Arthur J. Gallagher & Co. has made a raft of acquisitions in recent months. In March, the firm acquired Hawley & Associates and Commercial Insurance Underwriters, going on to pick up GA, Mavon, & Co. the following month.
These acquisitions followed those in November of The VanDyke Group and Real Estate Insurance Solutions. The firm also signalled its intent to buy the treaty reinsurance operations of Willis Re last year, a move that was subsequently given the green light by the UK’s Competition and Markets Authority.
None of these have seemed to dint the company’s financial position, however, given that it reported net earnings of $439m for the first quarter of 2022, compared with $394m a year earlier, as revenues before reimbursements increased to $2.4bn.