Gallagher Acquires Colorado-Based Innovise Business Consultants
Arthur J. Gallagher & Co. (NYSE:AJG) has acquired McMillan Insurance & Bonding Inc., operating as Innovise Business Consultants, in Englewood, Colorado. While the specific acquisition price was not disclosed, this move aligns with Gallagher's ongoing strategy of acquiring niche insurance specialists and integrating them into its existing operations. The company reported strong second-quarter results on July 30, showing a 24% increase in revenue from its Brokerage and Risk Management businesses, driven by both acquisitions and organic growth. Organic fee growth reached 6%, with risk management fees rising 12%. Adjusted earnings per share increased to $2.84 compared to the prior year. However, reported diluted earnings per share fell slightly due in part to amortization of acquired intangibles and integration costs. The brokerage segment's adjusted EBITDAC margin declined from 36.1% to 33.3%. Gallagher continues to carry significant debt, including $9.55 billion in public debt.
Tickers: $AJG
Topics: Acquisition Earnings Performance Growth Strategy Insurance Brokerage