Bank insurance

Arthur J. Gallagher to Acquire M&T Bank Insurance Branch in Buffalo

Global insurance broker Arthur J. Gallagher & Co. has agreed to acquire Buffalo, New York-based M&T Insurance Agency, Inc. (MTIA), an indirect subsidiary of M&T Bank Corp.

As part of the transaction, Gallagher said it would become M&T Bank’s preferred insurance brokerage partner.

Founded in 1955 and operating under its current name since 2005, MTIA is a retail insurance agency offering commercial and personal property and casualty insurance products as well as group insurance and bonding products in the Northeast and the mid-Atlantic.

MTIA ranks 82nd on Insurance Journal’s list of Top 100 Independent Insurance Agencies, with more than $26 million in property and casualty insurance revenue and more than $11 million in other revenue.

Prior to 2005, its name was Matthews, Bartlett & Dedecker, which M&T Bank acquired in 2000. In 2003 the agency acquired Lounsbury Insurance Agency in Syracuse and in 2006 Hess Egan Hagerty & L’Hommedieu in Chevy Chase, Maryland , with additional offices in Pennsylvania and New Jersey.

According to the announcement, John Rumschik, Bart Kresse, Zachary Howe and their teams will join Gallagher and operate under the direction of Patrick Kennedy, Head of Property/Casualty Brokerage Operations for Gallagher’s North East region.

The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2022.

Jennifer Warren, senior executive vice president of M&T Bank, said the bank wanted to create a “seamless transaction” with Gallagher.

Arthur J. Gallagher & Co. has offices in approximately 130 countries around the world.

M&T Bank operates in 12 states in the Northeastern United States, from Maine to Virginia and Washington, DC.

Topics
Mergers and Acquisitions AJ Gallagher

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