Arthur J. Gallagher & Co. Signs Definitive Agreement To Acquire Brokerage in Texas
- May 10, 2018
Arthur J. Gallagher & Co. Signs Definitive Agreement To Acquire Pronto Insurance
ROLLING MEADOWS, IL -- Arthur J. Gallagher & Co. (NYSE: AJG) announced that it has signed a definitive agreement to acquire 100% of the equity interests of Pronto Holdco LLC, the parent company of Pronto Insurance (Pronto). The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2018.
Founded in 1997 and headquartered in Brownsville, Texas, Pronto is a full-service Managing General Agency (MGA), broker and claims administrator. Pronto's primary business is the placement of personal automobile insurance for consumers throughout Texas, California and Florida, with a special focus on serving the rapidly growing Hispanic market. Pronto operates an omni-channel distribution network of Pronto-owned agencies, franchise agents, independent agents and a direct-to-consumer eCommerce platform.
Jorge Barcena, Wendy Knight, Clemente Rendon and Pronto's entire corporate management team will continue to operate from their current locations under the direction of Joel Cavaness, President of Risk Placement Services, Inc. (RPS), Gallagher's wholesale and MGA operation.
"Pronto's deep product expertise and data-driven marketing will provide a great addition to RPS's product offerings and will further expand our capabilities as one of the largest MGAs in the U.S.," Mr. Cavaness said.
"Pronto provides us a terrific opportunity to significantly expand into the rapidly growing Hispanic market," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "We look forward to welcoming Jorge, Wendy, Clemente and their colleagues to Gallagher."
"Gallagher and RPS are the right partners for us — we admire their culture and way of conducting business," said Jorge Barcena, President and CEO of Pronto Insurance. "We are extremely excited about the opportunity to continue to serve the Hispanic community as part of such an exemplary organization."