Gallagher acquires California construction broker

Arthur J. Gallagher & Co. Monday said it has acquired American Matar International Inc., d/b/a Statewide Commercial Insurance Brokers.

Terms of the transaction were not disclosed.

Altadena, California-based Statewide Commercial specializes in coverage for construction contractors for commercial clients in California and several other U.S. states, Gallagher said in a statement.

The broker has about 20 employees, according to an email from a spokesman.

Statewide’s employees, including President Lana Matar, will remain in their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail property/casualty brokerage operations, the statement said.

A recent report said the number of broker mergers and acquisitions is down about 10% from last year through the third quarter.

Arthur J. Gallagher & Co. is the third-largest broker of U.S. business, according to the most recent Business Insurance rankings.