Arthur J. Gallagher & Co. Acquires Preston-Patterson Co., Inc.
ROLLING MEADOWS, IL — Arthur J. Gallagher & Co. announced the acquisition of Conshohocken, Pennsylvania-based Preston-Patterson Co., Inc. Terms of the transaction were not disclosed.
Founded in 1947, Preston-Patterson is a retail property/casualty insurance broker offering a broad range of coverages and services to broadcasters and media clients throughout the United States. They also serve other commercial clients, as well as personal lines clients with a particular focus on coastal property exposures along the Atlantic Seaboard. Stephen, John and Stuart Patterson, and their associates, will initially remain in their current locations in Conshohocken and in Barnegat Light, New Jersey, under the direction of Dan Tropp, head of Gallagher’s Mid-Atlantic retail property/casualty brokerage operations.
“Preston-Patterson is a well-established, family run business with deep expertise in serving broadcasters and media, which will further expand Gallagher’s existing capabilities in that area,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “I am delighted to welcome them to Gallagher.”