Global insurance broker, Arthur J. Gallagher & Co. has announced the acquisition of G.A, Mavon & Co. and its Mavco Insurance Agency, Inc. subsidiary.
Terms of the transaction were not disclosed.
Founded in 1916, G.A. Mavon & Co. is a fourth generation, family-run, standard and specialty lines wholesale broker. It’s retail insurance agency – Mavco Insurance Agency, was founded in 1972.
Both firms serve the insurance needs of high-net-worth personal lines clients, as well as commercial business owners with a focus on professional lines.
In a press release, it states that Phil Mavon and his associates will continue to operate from their current location under the direction of Matt Lynch – VP-Central Binding Region for Risk Placement Services, Inc., Gallagher’s US wholesale brokerage, binding authority and programs division, and Jeff Saunders – President of Personal Lines for Gallagher’s US retail property/casualty (P&C) brokerage operations.
Arthur J. Gallagher Chairman, President and CEO – J. Patrick Gallagher Jr, commented: “G.A. Mavon and Mavco Insurance Agency are well-respected businesses with a similar culture to ours that will expand our high-net-worth offerings in the Midwest region.
“We are very pleased to welcome Phil and his associates to our rapidly growing team.”
Meanwhile, in March 2022, Arthur J. Gallagher acquired the surplus lines agency, Commercial Insurance Underwriters (CIU).