A spokesperson for Arthur J. Gallagher & Co. would not confirm whether its purchase of Bollinger, Inc., of Short Hills, N.J., announced this week, was the broker's largest single purchase ever. But the $100 million in annualized revenue Gallagher expects, according to a press release about the transaction, apparently eclipses the average for that category over the last five years by a factor of nearly 18.
Gallagher, the third largest U.S. insurance broker, reportedly paid $276.5 million in cash and stock for Bollinger, the nation's 21st largest broker. Rankings are according to Business Insurance magazine revenue analysis for 2012.
Gallagher expects to realize $20 million annually from Bollinger's employee benefits operation. Bollinger markets retail and wholesale products and services nationally through more than 50 agencies throughout New Jersey, and in Philadelphia, New York City, and Greenwich, Conn.
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