Arthur J. Gallagher & Co. has acquired Dawson & Keenan Insurance, a retail insurance brokerage in Sault Ste. Marie, Ontario. The financial details of the deal were not disclosed.
Dawson & Keenan Insurance serves personal and commercial clients across Northern Ontario. Larry Day and his team will remain at their current location, reporting to Dave Partington, who oversees Gallagher’s Canadian retail property/casualty brokerage operations.
Arthur J. Gallagher & Co., headquartered in Rolling Meadows, Illinois, is a global insurance brokerage and risk management firm operating in approximately 130 countries. Established in 1927, the company provides services through its owned offices and a network of correspondent brokers and consultants.
The company recently announced strong Q3 2024 results. Total revenue grew 13% year-over-year to $2.77 bn, driven by organic growth, acquisitions, and favorable market conditions. Brokerage revenues reached $2.4 bn, while risk management revenues increased to $369.7 mn.
Dawson & Keenan Insurance has a long-standing reputation in the region and will provide growth opportunities for our retail brokerage operations in Canada. am delighted to welcome Larry and his associates to Gallagher
J. Patrick Gallagher, Jr., Chairman and CEO
Combined net earnings for the brokerage and risk management segments totaled $427.6 mn, with adjusted EPS at $2.72. However, the corporate segment posted a net loss of $113.5 mn due to transaction and legal expenses.
CEO J. Patrick Gallagher, Jr. expressed optimism about the company’s growth trajectory, citing robust M&A opportunities, rising renewal premiums, and increased net new business. “We are well-positioned for the future, and I’m excited about our long-term prospects,” he stated.
