Arthur J. Gallagher & Co. today announced it has signed a definitive agreement to acquire Buffalo, New York-based M&T Insurance Agency, Inc. (MTIA), an indirect subsidiary of M&T Bank Corporation. In connection with the transaction, Gallagher will become the preferred insurance broking partner of M&T Bank. The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2022.
Founded in 1955 and operating under its current name since 2005, MTIA is a retail insurance agency offering an array of property and casualty products, customized group benefits and surety solutions to clients in the Northeast and mid-Atlantic. John Rumschik, Bart Kresse, Zachary Howe and their teams will operate under the direction of Patrick Kennedy, head of Gallagher’s Northeast region retail property/casualty brokerage operations.
“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,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “We look forward to welcoming John, Bart, Zachary and their associates to Gallagher.”
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
