ROLLING MEADOWS, Ill. – Arthur J. Gallagher & Co., a global insurance brokerage and risk management services firm, has expanded its U.S. wholesale brokerage offerings with the acquisition of CCI Surety, Inc., a managing general underwriter specializing in surety bonds.
The acquisition, announced today, adds to Gallagher’s portfolio of services and is expected to enhance its contract and commercial surety bond products for retail agents across the United States.
CCI Surety, based in Golden Valley, Minnesota, has established a reputation for providing wholesale surety bonds. The firm, founded by Michael Williams and led by Jeremy Crawford, will continue to operate from its current location. The CCI Surety team, including Crawford, will join Gallagher under the direction of Matt Lynch, head of Risk Placement Services, Inc.’s (RPS) national binding operations.
J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Co., expressed his satisfaction with the acquisition, stating, “CCI Surety is a well-established agency whose wholesale surety platform expands RPS’s product offerings.” He also welcomed Jeremy Crawford and his associates to the Gallagher team.
The financial terms of the acquisition were not disclosed to the public.
Arthur J. Gallagher & Co., headquartered in Rolling Meadows, Illinois, operates in approximately 130 countries worldwide. The firm is listed on the New York Stock Exchange under the ticker NYSE:AJG.
The information in this article is based on a press release statement from Arthur J. Gallagher & Co.
InvestingPro Insights
Arthur J. Gallagher & Co. (NYSE:AJG) continues to demonstrate its commitment to growth and shareholder value. With a market capitalization of $56.3 billion, the company’s strategic acquisitions, such as the recent purchase of CCI Surety, Inc., are aimed at expanding its service offerings and enhancing its competitive edge. On the financial front, AJG is trading at a high earnings multiple, with a P/E ratio of 31.49 based on the last twelve months as of Q1 2024, reflecting investor confidence in its future earnings potential.
Investors may also take note of AJG’s impressive track record of dividend growth, which has been maintained for 40 consecutive years. This steadfast approach to rewarding shareholders is further corroborated by the company’s dividend yield of 0.93%. Moreover, the company’s net income is expected to grow this year, indicating a positive outlook for its financial performance.
One of the InvestingPro Tips highlights that AJG has raised its dividend for 13 consecutive years, showcasing its commitment to providing consistent shareholder returns. Additionally, the company is trading near its 52-week high, with the price at 99.35% of this peak, signaling strong market sentiment.
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