Wigmore, a prominent retail insurance broker situated in Costa Mesa, has built a reputation for providing an extensive array of commercial and personal insurance services to clients spanning Southern California.
Under this acquisition, the capable team led by Tim Wigmore will maintain their operational presence at their existing location. This transition will be overseen by Scott Firestone, the head of Gallagher’s Southwest region retail property/casualty brokerage operations.
J. Patrick Gallagher, Jr., the Chairman, President, and Chief Executive of Arthur J. Gallagher & Co., offered insight into the strategic move, said that Wigmore’s business ethos aligns harmoniously with the values of Gallagher. He expressed his delight at the inclusion of Tim and his associates into the Gallagher family.
This acquisition of Wigmore marks just one of a series of M&A endeavors orchestrated by Gallagher throughout this year. In the recent months, Gallagher unveiled its acquisition of Hagan Insurance Group in Sioux Falls, followed by the successful integration of two Tennessee-based subsidiaries of Bernard Health in May.
In a recent dialogue with Insurance Business, Bumpy Triche, Gallagher’s President of Mid-South and a regional leader, shed light on the company’s M&A strategy. Triche highlighted Gallagher’s keen focus on not merely accumulating revenue, but also assessing cultural alignment and the potential fit of acquired entities into their long-term corporate vision.
With a robust global presence spanning 130 countries, Gallagher stands as a significant player in the insurance landscape. Its headquarters in Rolling Meadows, Illinois, serve as a hub for its operations. The company’s second-quarter results, disclosed in late July, underscored its strong performance, showcasing net earnings of $235.8 million, 10.8% organic revenue growth, and a reported net earnings margin of 14%.
The acquisition of Wigmore Insurance Agency exemplifies Gallagher’s proactive approach to growth and strategic expansion within the insurance sector. As the company continues to refine its portfolio and enhance its operational capabilities, industry stakeholders closely observe its progress.
