Global insurance broker, Arthur J. Gallagher & Co. has acquired Canberra, Australian Capital Territory (ACT)-based Mutual Brokers.
Mutual Brokers was founded in 1985 and is an independent broker serving a broad cross-section of commercial and small corporate clients in Canberra and the ACT.
Its owners, Lou Pennetta and Adrian Dodd and the rest of their team, will come under the direction of Head of Metro Branches Mark Saunderson and will relocate to join the Gallagher Canberra branch later in the year.
Patrick Gallagher, Jr., Chairman, President and CEO commented: “Mutual Brokers is a growing, culturally aligned business that doubles our presence and expands our client capabilities in the key Canberra market. I am very pleased to welcome Lou, Adrian and their associates to our growing global team.”
The terms of the transaction were not disclosed.