WASHINGTON (dpa-AFX) - On Wednesday, Arthur J. Gallagher & Co. (AJG) announced that its specialist underwriting subsidiary, Pen Underwriting, has acquired Ornella Underwriting Limited, an underwriting company based in Wexford, Ireland. The financial terms of the transaction were not disclosed.
Ornella is a managing general agent (MGA) that provides commercial and personal insurance coverage in Ireland through independent brokers, with a focus on private car, van, home and motor fleet insurance.
The business will become part of Pen Underwriting, with Paul Whelan continuing to lead the team from its current location under Michael Doyle, head of Pen Underwriting's Irish operations. Gallagher said the acquisition will strengthen its underwriting capabilities in Ireland, add complementary expertise and provide further growth opportunities.
On the NYSE, the shares were trading 1.04 percent down at $227.45.
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