Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, said on Tuesday that it had acquired Horak Insurance Inc, based in Washington, Iowa.
However, the company did not disclose any financial details of the agreement.
Horak Insurance Inc is a retail property/casualty insurance agency that serves commercial and personal lines clientele as well as farms in eastern and central Iowa.
Paul Horak, Luke Horak and their team will remain in their current locations and will be led by Ryan Isaacs, head of Gallagher’s Midwest region retail property/casualty brokerage operations.
“Horak Insurance has a long-standing reputation in the communities they serve and provides significant growth opportunities for our business in Iowa,” J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer, said in a press release.
“I am delighted to welcome Paul, Luke and their associates to Gallagher,” the CEO added.
Stock Performance
The shares of Arthur J. Gallagher & Co (AJG) closed 0.78% ($1.79) higher at $230.57 in New York on Tuesday, as they snapped a four-day streak of losses.
The company’s total market cap now stands at $49.961 billion.
The shares of Arthur J. Gallagher & Co went up 19.27% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 2.53% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 7 out of 12 surveyed investment analysts had rated Arthur J. Gallagher’s stock as “Buy”, while 3 – as “Hold”. The median price target on the stock stands at $256.80, which translates into an 11.38% upside compared to Tuesday’s closing price.
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