On 24 October 2023, Arthur J. Gallagher signed a definitive agreement with Cadence Bank for the acquisition of its subsidiary Cadence Insurance, an insurance broker based in Louisiana, USA. The transaction is valued at 904 million USD.
Pending regulatory approval, the acquisition is expected to be finalized in the fourth quarter of 2023.
Under the terms of this deal, Gallagher will become Cadence Bank's preferred insurance brokerage partner.
Markham McKnight and Chris Boone, CEO and Chairman of the Board of Cadence Insurance respectively, along with their current team, will continue to run the company, reporting to Gallagher's Bumpy Triche and Robby White. The transaction will allow Gallagher to strengthen its position in property and casualty insurance and employee benefits in Texas and several Southeastern U.S. States.
Read also | Arthur J. Gallagher acquires Altman Insurance Services [4]