九色

Global insurance broker Arthur J. Gallagher & Co. has agreed to acquire Buffalo, New York-based M&T Insurance Agency, Inc. (MTIA), an indirect subsidiary of M&T Bank Corp.

In connection with the transaction, Gallagher said it will become the preferred insurance broking partner of M&T Bank.

Founded in 1955 and operating under its current name since 2005, MTIA is a retail insurance agency offering property/casualty commercial and personal lines products as well as group benefits and surety products in the Northeast and mid-Atlantic.

MTIA ranks 82nd on 九色’s Top 100 Independent Insurance Agencies list, with more than $26 million in property/casualty revenues and more than $11 million in other revenues.

Prior to 2005, its name was Matthews, Bartlett & Dedecker, which M&T Bank acquired in 2000. In 2003, the agency acquired Lounsbury Insurance Agency in Syracuse and, in 2006, Hess Egan Hagerty & L’Hommedieu in Chevy Chase, Maryland, with additional offices in Pennsylvania and New Jersey.

According to the announcement, John Rumschik, Bart Kresse, Zachary Howe and their teams will join Gallagher and operate under the direction of Patrick Kennedy, head of Gallagher’s Northeast region retail property/casualty brokerage operations.

The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2022.

Jennifer Warren, M&T Bank senior executive vice president, said the bank wants to create a “seamless transaction” with Gallagher.

Arthur J. Gallagher & Co. has offices in approximately 130 countries around the world.

M&T Bank operates in 12 states across the northeastern U.S. from Maine to Virginia and Washington, D.C. .

Topics Mergers & Acquisitions