Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, said on Monday that it had acquired Fort Myers, Florida-based Specialty Risk Management Services LLC and its affiliate, Private Client Insurance Services LLC.
However, the company did not disclose any financial details of the agreement.
Specialty Risk Management Services LLC manages a property insurance program for Florida-based businesses.
Private Client Insurance Services LLC specializes in commercial risks, condominium associations and personal lines.
“Specialty Risk Management Services and Private Client Insurance Services have a culture similar to ours and will deepen our service offerings in a key market,” J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer, said in a press release.
“I am delighted to welcome Elaine, Wes and their associates to Gallagher,” the CEO added.
Stock Performance
The shares of Arthur J. Gallagher & Co (AJG) closed 0.74% ($1.82) lower at $245.36 in New York on Tuesday, as they extended the loss from the previous market session.
The company’s total market cap now stands at $53.563 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 9.11% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 6 out of 10 surveyed investment analysts had rated Arthur J. Gallagher’s stock as “Buy”, while 2 – as “Hold”. The median price target on the stock stands at $257.80, which translates into a 5.07% upside compared to the closing price on Tuesday.
The high point of the analyst forecast range stands at $282.00.
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