Arthur J. Gallagher & Co. has made a significant move in the insurance industry by announcing its definitive agreement to acquire Baton Rouge, Louisiana-based Cadence Insurance, Inc., a wholly-owned subsidiary of Cadence Bank.
The transaction, subject to regulatory approval, is anticipated to conclude during the fourth quarter of 2023, the company noted.
Cadence Insurance is known for its comprehensive suite of offerings, including commercial property/casualty, employee benefits, and personal lines products. Their services are spread across 34 offices in nine different states in the Southeast, including Texas, the company noted.
Under the leadership of Markham McKnight and Chris Boone, the Cadence Insurance team will continue its operations with guidance from Bumpy Triche, the head of Gallagher’s Mid-South retail property/casualty brokerage operations, and Robby White, who heads Gallagher’s South-Central region employee benefits consulting and brokerage operations.
J. Patrick Gallagher, Jr., Chairman, President, and CEO of Arthur J. Gallagher & Co., expressed his enthusiasm for the acquisition, saying, “Cadence Insurance is a fast-growing agency with strong niche capabilities across Construction, Real Estate, Manufacturing, Healthcare and Professional Services. With a similar culture, a high-performing team and a significant Southeastern presence there are immense long-term growth opportunities as part of Gallagher.”
“I look forward to welcoming Markham, Chris and the nearly 800 Cadence Insurance colleagues to our growing Gallagher family of professionals,” Gallagher added.
This strategic acquisition is set to expand Gallagher’s footprint in property/casualty and employee benefits services across several states in the Southeast and Texas.
It will also enhance their capabilities in multiple niche practice areas, including Construction, Real Estate, Manufacturing, Healthcare, Professional Services, and high-net-worth personal lines.
As part of the deal, Gallagher will become the preferred insurance broking partner of Cadence Bank, the company noted.
