Gallagher to acquire retail insurance agency MTIA from M&T Bank
Arthur J. Gallagher & Co. (Gallagher) has agreed to acquire M&T Insurance Agency, Inc. (MTIA), a retail insurance agency, from M&T Bank Corporation for an undisclosed price.
Established in 1955, M&T Insurance Agency provides a range of property and casualty products, tailored group benefits, and surety solutions
The retail insurance agency serves the Northeast and Mid-Atlantic regions in the US. Its present leadership and direct employees are likely to join Gallagher.
Jennifer Warren — Senior Executive Vice President and Head of M&T Bank Institutional Client Services business said: “When we started to discuss the possibility of this transaction with Gallagher, it became immediately clear that this was the optimal company for both our customers and our employees.
“Our goal was to create a seamless transaction with a world-class company that stresses excellence in everything they do. We found that with Gallagher.”
As per the terms of the deal, M&T Insurance Agency will continue serving the entire footprint of M&T Bank while making use of the resources of the global broking and insurance services operations of Gallagher.
John Rumschik, Zachary Howe, Bart Kresse, and their teams will work under the leadership of Patrick Kennedy, who is the head of Gallagher’s retail property/casualty brokerage operations in the Northeast region.
J. Patrick Gallagher, Jr. — Chairman, President, and CEO of Gallagher said: “M&T Insurance Agency has a long record of client-focused offerings and expertise, and this will help us expand our footprint in the New York region.
“We look forward to welcoming John, Bart, Zachary and their associates to Gallagher.”