Gallagher buys Utah-based Real Estate Insurance to expand E&O operations
Acquisitive AJ Gallagher has struck a deal to buy Park City, Utah-headquartered Real Estate Insurance Solutions for an undisclosed sum.
Real Estate Insurance has provided real estate errors and omissions (E&O) insurance and cyber liability products to commercial and residential real estate agents and brokers, business brokers and appraisers since 2004.
The company also offers its products to home inspectors, title insurance agents, mortgage brokers, leasing agents and property managers in 32 states across the US.
Following the acquisition, Chris Nangle, Real Estate’s president, and his associates will continue operating from Utah under the direction of Kevin Garvin, head of Gallagher Affinity.
Commenting on the deal, Patrick Gallagher, president and CEO at Gallagher, said: “Real Estate Insurance Solutions brings Gallagher a strong team of real estate E&O specialists to further enhance the offerings of our outstanding real estate practice.”
“I am very pleased to welcome Chris Nangle and his associates to Gallagher," he added.
The deal marks the latest step in Gallagher’s aggressive M&A spree in the US and overseas.
The Illinois-based company sealed the acquisition of two brokers based in Florida and Iowa last month, to expand its regional footprint in the US.
In October, the firm also expanded its foreign operations with a deal to buy Taupo, New Zealand-based Matt Jensen Insurance Brokers, which offers fire and general and life and health insurance solutions with a focus on the forestry and transportation industries since 2005.
In September, Gallagher acquired retail insurance agency Lloyd Bedford Cox, a New York-based firm that provides insurance coverage and risk management services to high-net-worth individuals in the US, Europe, the Bahamas and the Caribbean.