Insurance

Gallagher announces deal for Ace Commercial

Sep 22, 2023 1 year ago

Move expands its transportation market expertise

By Mika Pangilinan

Sep 22, 2023 Share

Arthur J. Gallagher & Co has moved to strengthen its foothold in the transportation market, acquiring Ace Commercial Insurance Center in California.

Ace is a specialist insurance broker that has carved a niche within the trucking industry. It serves clients primarily based in Southern California and is headquartered in the city of Corona.

Jackie Hoang, Anhdy Nguyen, and the rest of the team at Ace will operate from their current location under the leadership of Scott Firestone, who serves as the head of Gallagher’s Southwest region retail property/casualty brokerage operations.

Chairman, president and CEO J. Patrick Gallagher, Jr. commented on the acquisition and said the addition of Ace expands Gallagher’s transportation market expertise in the Southwest.

“I am very pleased to welcome Jackie, Anhdy and their associates to Gallagher,” he said.

Ace is the latest in a series of recent acquisitions announced by Gallagher.

Earlier this month, the broking giant revealed that it had swooped for Mississippi-based Southern Insurance Group, which specializes in commercial and personal property/casualty coverages. It also just signed a deal to acquire Eastern Insurance Group, a subsidiary of Eastern Bank.

Gallagher is headquartered in Rolling Meadows, Illinois. Its presence spans across 130 countries worldwide, comprised of its owned operations and a network of correspondent brokers and consultants.

In late July, Gallagher announced its second-quarter results, reporting $235.8 million in net earnings, 10.8% organic revenue growth, and a 14% reported net earnings margin.

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