Arthur J. Gallagher & Co. bolsters its consulting services with Leystone acquisition
Global insurance broking and consulting firm Arthur J. Gallagher has acquired Leystone Insurance & Financial in a deal that will see the firm reinforce its benefits consulting practice in Canada.
Known as one of the largest insurance brokers in the world, Arthur J. Gallagher & Co. has recently completed a string of acquisitions that exemplify the firms inorganic growth strategy.
Arthur J. Gallagher will add the Ottawa-based Leystone Insurance into its ranks to boost the firm’s capabilities in the Canadian capital region. The move will bring Leystone’s expertise in employee benefits and retirement consulting services over to the acquiring firm. Leystone also provides individual life insurance and investment strategies to their client base throughout the country.
Leystone was founded by Darryl Phippen and David McCulloch in 2001 as Halpenny Insurance Benefit Partners. Together, the team – who has a combined industry experience of over 60 years – grew the insurance firm into what became Leystone in 2016.
“Leystone Financial is a well-regarded firm with similar core values that will strengthen Gallagher's footprint in Ottawa, Canada's capital," said J. Patrick Gallagher, Jr., Chairman, President and CEO. “I am happy to welcome David, Darryl, and their associates to our growing Gallagher family of professionals.”
Arthur J. Gallagher is now in a better position to provide strategic and operational human resource services and benefit plan design in Canada. The news comes days after the firm announced it had acquired waste-to-energy and risk advisory Hesse Consulting in Zurich, Switzerland. The firm has completed 26 mergers and acquisitions this year alone, with a total value of over $240 million.
Only months ago, the firm acquired Winnipeg, MB-based Belton Boisselle, who also offer employee benefits and group retirement consulting services. Last year, AJG was particularly active in the mergers & acquisitions scene in Canada, making 13 transactions, including the purchase of GPL Assurance, its first foray into Quebec.
South of the border, AJG acquired Barrington, IL-based wholesale broker and managing general agency The Jack Nebel Companies. The deal followed AJG’s May acquisition of Texas-based broker and MGA Pronto.
Illinois headquartered Arthur J. Gallagher has been ramping up its Canadian offerings in recent years and will now have 12 offices around the country. Globally, the insurance brokerage, risk management, and consulting services firm has operations in 34 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants. The firm has about 27,000 employees worldwide.
