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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.
Founded in 1953, Lutgert Insurance is a broker and benefit consultant that handles commercial and personal insurance, with a focus on construction, agriculture, hospitality, real estate development/property managers and high-net-worth individuals, the release states. It had $16 million in revenue in 2016, and has about 90 employees.
Gallagher Lutgert Insurance is also part of The Lutgert Cos., with holdings that include Premier Sotheby's International Realty, Lutgert Construction, Lutgert Title and Premier Commercial.
“We have reached a point in our firm's life where we must expand our capabilities and resources so that we can meet and exceed the needs of our clients and provide career opportunities for our employees,” Gallagher Lutgert Insurance President Bud Hornbeck says in the statement. “The combination of Arthur J. Gallagher & Co. and Lutgert Insurance will fulfill both of these needs.”
Lutgert executives, including Hornbeck, Steve Benza, Marc Williams and their associates, will continue to operate from their office, spread from Naples and Marco Island to Sarasota. They will work under the direction of Peter Doyle, head of Gallagher's Southeast retail property/casualty brokerage operations, and John Tournet, head of Gallagher's Southeast employee benefits consulting and brokerage operations.
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