Re/insurance broking firm, Arthur J. Gallagher & Co has announced it has acquired North Carolina-based PIUS Limited and its affiliate Newlight Capital.
Terms of the transaction were not disclosed.
Patent Insurance Underwriting Services (PIUS) is a managing general agent offering a proprietary insurance product that allows clients to insure certain intellectual property assets, and was founded in 2016 by Joe A. Agiato, who is also the CEO.
Agiato oversees the structuring and pricing of deals, all due diligence functions, and maintains and develops deal sourcing, patent, trademark and trade name valuations.
Additionally, he has been an active investor and team leader in various intellectual property transactions and also served as the National Practice Leader for Intellectual Property Services at KPMG.
Agiato and his associates will remain in their current locations under the direction of Patrick Kennedy, head of Gallagher’s Northeast region retail property/casualty brokerage operations.
J. Patrick Gallagher, Jr., Chairman, President and CEO, said, “PIUS’ unique offering of insurance solutions to emerging companies that have substantial intellectual property assets is a critical product that enables clients significant opportunities for growth. I am delighted to welcome Joe and his team to Gallagher.”
On a related note, earlier this month Arthur J. Gallagher announced it had completed its acquisition of Buffalo, New York-based M&T Insurance Agency, an indirect subsidiary of M&T Bank Corporation.
In August, the firm also acquired Evergreen Insurance Managers for an undisclosed amount.
