Arthur J. Gallagher & Co. on Friday said it has agreed to acquire Bloomfield Hills, Michigan-based independent insurance agency and employee benefits consultant LSG Insurance Partners.
Terms of the deal were not disclosed.
The acquisition is expected to close in the fourth quarter of 2019, subject to customary conditions, the Rolling Meadows, Illinois-based brokerage said in a statement.
Founded in 1968 and with more than 100 staff, LSG offers a range of commercial property/casualty, employee benefits, private client, and mergers and acquisition services to clients throughout the Midwest and across the United States, Gallagher said.
Last year, the Milwaukee Bucks of the National Basketball Association named LSG as its official insurance adviser.
LSG President and CEO Jay Schreibman, Executive Vice President Todd Preston and their associates will continue to operate from their Bloomfield Hills and Milwaukee branch locations, reporting to Tom Lannen, head of Gallagher’s Great Lakes region employee benefits consulting and brokerage operations, and Cindy LaMantia, head of Gallagher’s Great Lakes region retail property/casualty brokerage operations, the brokerage said.
All LSG staff will be joining Gallagher, a spokeswoman said.
“With their deep capabilities, focused consultative approach and strong emphasis on cross-selling, the LSG team will be a terrific strategic complement to our U.S. brokerage and consulting operations,” J. Patrick Gallagher Jr., chairman, president and CEO, said in the statement.
“This will give us the scale, geographic reach and multi-channel network to effectively support our clients as their businesses grow,” Mr. Schreibman said in the statement.
