Arthur J. Gallagher & Co., the international insurance brokerage and risk management services firm, announced this week that it has acquired Tudor Risk Services, LLC of Woburn. With this latest acquisition, Gallagher strengthens its property/casualty and employee benefits position in New England.
“We continue to find new acquisition partners that have a strong level of industry experience and focus on high-quality client service,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “Tudor’s northeastern presence and expertise will be a terrific complement to our property/casualty and employee benefits brokerage operations. We are pleased to welcome Bill, Tom and their associates to our growing Gallagher family of professionals.”
Tudor Risk Services began in 2009 as a privately held retail insurance broker aimed at providing a “boutique approach” in addressing the extensive risk management solutions of its clients. The firm offers all lines of property/casualty insurance coverage in addition to group health, welfare and wellness plans, and employee benefits consulting services. In particular, the company grew its business by specializing in industries such as technology, life sciences, healthcare and ambulatory, real estate, financial and professional services and manufacturing.
Under the terms of the acquisition agreement, William Frain III and Thomas Porell of Tudor Risk’s current management team and the rest of the staff will continue under Gallagher’s new leadership. That leadership will consist of Douglas Brown and David Zeigler. Mr. Brown is currently the head of Gallagher’s northeastern retail property/casualty brokerage operations and Mr. Zeigler heads up Gallagher’s Eastern employee benefit consulting and brokerage operations. Further terms of the acquisition agreement were not disclosed.