Global insurance giant buys another area firm

NAPLES — Arthur J. Gallagher & Co., a $5.6 billion publicly traded international insurance brokerage and risk management services firm, has acquired Lutgert Insurance, one of the most prominent property and casualty brokers in the region.

The new name of the company is Gallagher Lutgert Insurance, according to a statement. Terms of the transaction weren't disclosed.

Rolling Meadows, Ill-based Arthur J. Gallagher & Co. has operations in 34 countries and offers client service capabilities in more than 150 countries worldwide through a network of correspondent brokers and consultants. It acquired Lakewood Ranch-based MGA Insurance in 2014.