Arthur J. Gallagher To Buy M&T Insurance Agency

(RTTNews) - Arthur J. Gallagher & Co. (AJG) Thursday said it has agreed to buy Buffalo, New York-based M&T Insurance Agency Inc., an indirect subsidiary of M&T Bank Corporation.

In connection with the transaction, Gallagher will become the preferred insurance broking partner of M&T Bank. The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2022.

Founded in 1955 and operating under its current name since 2005, MTIA is a retail insurance agency offering an array of property and casualty products, customized group benefits and surety solutions to clients in the Northeast and mid-Atlantic.

"M&T Insurance Agency has a long record of client-focused offerings and expertise, and this will help us expand our footprint in the New York region," said Patrick Gallagher, Jr., Chairman, President and CEO. "We look forward to welcoming John, Bart, Zachary and their associates to Gallagher."