ROLLING MEADOWS, Ill. — Arthur J. Gallagher & Co. today announced it has signed a definitive agreement to acquire Baton Rouge, Louisiana-headquartered Cadence Insurance, Inc. (Cadence Insurance), a wholly-owned subsidiary of Cadence Bank (NYSE:CADE). The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2023.
Cadence Insurance offers a full suite of commercial property/casualty, employee benefits and personal lines products to clients from 34 offices spanning 9 different states across the Southeast, including Texas. The Cadence Insurance team led by Markham McKnight and Chris Boone will operate under the direction of Bumpy Triche, head of Gallagher’s Mid-South retail property/casualty brokerage operations and Robby White, head of Gallagher’s South-Central region employee benefits consulting and brokerage operations.
“Cadence Insurance is a fast-growing agency with strong niche capabilities across Construction, Real Estate, Manufacturing, Healthcare and Professional Services. With a similar culture, a high-performing team and a significant Southeastern presence there are immense long-term growth opportunities as part of Gallagher,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “I look forward to welcoming Markham, Chris and the nearly 800 Cadence Insurance colleagues to our growing Gallagher family of professionals.”
The acquisition is expected to expand Gallagher’s property/casualty and employee benefits presence across several states in the Southeast and Texas and broaden our capabilities across multiple niche practice groups, including Construction, Real Estate, Manufacturing, Healthcare, Professional Services and high-net-worth personal lines.
As part of the transaction, Gallagher will become the preferred insurance broking partner of Cadence Bank. Â
SOURCE Arthur J. Gallagher & Co.
AgencyEquity statement on this article:
Some of the statements in this third party article may be forward-looking statements and perhaps even inaccurate statements. AgencyEquity or Strategic Agencies LLC does not make any representation or warranty, express or implied, as to the accuracy, completeness, or updated status of such statements. Therefore, in no case whatsoever will AgencyEquity or Strategic Agencies LLC be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.
