Gallagher swoops for Crawford Insurance

Gallagher swoops for Crawford Insurance | Insurance Business America

Insurance News

CEO cites shared commitment to client service

Insurance News

By
Terry Gangcuangco

Gallagher has acquired retail insurance agency Crawford Insurance in Pittsburgh, Pennsylvania.

Crawford Insurance specializes in offering property and casualty insurance products to both commercial and personal lines clients in Pennsylvania, South Carolina, and Virginia.

Following the acquisition, financial terms of which were not disclosed, James Crawford and his team will continue to operate from their current location, reporting to Sean Gallagher, who oversees Gallagher’s Great Lakes region retail property and casualty brokerage operations.

The swoop comes on the heels of last month’s deals to snap up employee benefits company Acumen Advisors in Cedar Rapids and CCI Surety in Golden Valley, Minnesota.

CCI Surety, meanwhile, was acquired by Risk Placement Services, Gallagher’s US wholesale brokerage, binding authority, and programs division.

Headquartered in Rolling Meadows, Illinois, Gallagher operates in approximately 130 countries worldwide through its own offices and a network of correspondent brokers and consultants.

The company’s revenues before reimbursements in the first quarter of 2024 amounted to $3.2 billion, an increase from last year’s $2.7 billion. Net earnings before interest, income taxes, depreciation, amortization, and the change in estimated acquisition earnout payables also grew, from $874.9 million to $1.1 billion.

At the time, J. Patrick Gallagher, Jr., highlighted: “We had a great first quarter to begin 2024. Our core brokerage and risk management segments combined to post 20% revenue growth, including 9.4% organic revenue growth. At the same time, we grew net earnings by 26% and adjusted EBITDAC by 19%.”

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