Arthur J, Gallagher & Co., the global insurance brokerage, risk management and consulting services firm, has acquired Washington, Iowa-based Horak Insurance, Inc., a retail property & casualty (P&C) insurance agency.
The organisation provides services for commercial and personal lines clients, as well as farms in eastern and central Iowa.
According to the announcement, Paul Horak, Luke Horak, and their team will remain in their current locations under the direction of Ryan Isaacs, head of Gallagher’s Midwest region retail P&C brokerage operations.
Terms of the transaction were not disclosed.
J. Patrick Gallagher, Jr., Chairman and CEO, commented: “Horak Insurance has a long-standing reputation in the communities they serve and provides significant growth opportunities for our business in Iowa.”
Adding: “I am delighted to welcome Paul, Luke and their associates to Gallagher.”
Earlier this week, Arthur J. Gallagher announced that its US wholesale brokerage, binding authority and programs division, Risk Placement Services, Inc. (RPS), had acquired Forest Insurance Facilities.
In their results for full year 2023, Arthur J. Gallagher & Co. reported total revenues of $9.9 billion, representing a robust increase from the $8.4 billion the firm recorded in 2022.
