Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, said on Tuesday that its claims and risk management solutions subsidiary, Gallagher Bassett, had acquired NetClaim from NAVEX.
However, the company did not disclose any financial details of the agreement.
NetClaim provides comprehensive first notice of loss and first report of injury services for risk management clients, insurance carriers and third-party administrators across the US.
“NetClaim’s expertise in claims intake services will enhance Gallagher Bassett’s incident management capabilities and deliver superior outcomes for our clients,” J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer, said in a press release.
“I am excited to welcome the NetClaim team to our growing company,” the CEO added.
Stock Performance
The shares of Arthur J. Gallagher & Co (AJG) closed 1.07% ($2.78) higher at $262.00 in New York on Tuesday, as they snapped a two-day streak of losses.
The company’s total market cap now stands at $57.251 billion.
The shares of Arthur J. Gallagher & Co (AJG) 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 16.51% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 6 out of 11 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 $266.67, which translates into a 1.78% upside compared to the closing price on Tuesday.
The high point of the analyst forecast range stands at $294.00.
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