Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, has signed a definitive agreement to acquire Baton Rouge, Louisiana-headquartered Cadence Insurance, a wholly-owned subsidiary of Cadence Bank.
The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2023.
Cadence Insurance offers a full suite of commercial property/casualty, employee benefits and personal lines products to clients from 34 offices spanning 9 different states across the Southeast, including Texas.
The Cadence Insurance team led by Markham McKnight and Chris Boone will operate under the direction of Bumpy Triche, head of Gallagher’s Mid-South retail property/casualty brokerage operations and Robby White, head of Gallagher’s South-Central region employee benefits consulting and brokerage operations.
Cadence Insurance is a fast-growing agency with strong niche capabilities across Construction, Real Estate, Manufacturing, Healthcare and Professional Services. With a similar culture and a significant Southeastern presence there are immense long-term growth opportunities as part of GallagherJ. Patrick Gallagher, Jr., Chairman, President and CEO Gallagher
The acquisition is expected to expand Gallagher’s property/casualty and employee benefits presence across several states in the Southeast and Texas and broaden our capabilities across multiple niche practice groups, including Construction, Real Estate, Manufacturing, Healthcare, Professional Services and high-net-worth personal lines.
As part of the transaction, Gallagher will become the preferred insurance broking partner of Cadence Bank.
by Yana Keller