Arthur J. Gallagher acquires insurance broker The Jack Nebels Companies
Insurance broking and consulting firm Arthur J. Gallagher has acquired Barrington, IL-based wholesale broker and managing general agency (MGA) The Jack Nebel Companies. The deal follows AJG’s May acquisition of Texas-based broker and MGA Pronto.
The Jack Nebel Companies (JNC) is a wholesale commercial insurance broker and managing general agency (MGA) – which means that it also carries underwriting authority and expertise. Based in Barrington, IL, the boutique firm services independent retail agents and brokers in the Midwest, with a specialization in general contractors, artisan contractors, apartments, mixed-use properties, and vacant buildings.
Some examples of its account work include a $17.5 million TIV (total insurable value) policy for a 10-building subsidized housing complex, a $21 million policy for a mid-rise condo, and a $22 million policy for a number of bank-owned properties.
JNC has been an independently-owned resource for retail insurance agents for over two decades. Now, the firm has become the newest resource of Oak Hills, IL-based Arthur J. Gallagher, the third largest insurance broker in the world. The firm was acquired in a deal that was announced on July 16th. The terms were not disclosed.
Chairman Jack Nebel, President Brian Nebel, and the rest of the JNC team will continue to work from their current location at 101 S Wynstone Park Dr., No. Barrington, IL. The team will now be under the direction of Joel Cavaness, President of Risk Placement Services (RPS) – AJG's wholesale broker and MGA. The deal strengthens AJG’s wholesale broking and MGA services capabilities in the American Midwest.
"The Jack Nebel Companies is well respected by its clients, and has consistently achieved organic growth while maintaining profitability for its carriers," said J. Patrick Gallagher, Jr., AJG Chairman, President and CEO. "I am delighted to welcome Jack, Brian, and their associates to our growing Gallagher family of professionals."
In addition to insurance broking, AJG also offers a comprehensive suite of HR and benefits consulting services. Founded in 1927, the firm has about 27,000 employees across offices in 34 countries worldwide, with heavy penetration in the US, the UK, Canada, Australia, and New Zealand. The firm has been recognized as one of the World’s Most Ethical Companies by the Ethisphere Institute for six consecutive years.
Wheeling and dealing
The acquisition of JNC arrives a few months after Arthur J. Gallagher purchased Brownsville, Texas-based Pronto – a full-service broker, MGA, and claims administrator. The firm primarily offers the placement of personal auto insurance in Texas, Florida, and California, with a focus on Hispanic consumers.
The acquired firm was likewise folded into AJG’s Risk Placement Services (RPS) under the direction of Joel Cavaness. "Pronto's deep product expertise and data-driven marketing will provide a great addition to RPS's product offerings and will further expand our capabilities as one of the largest MGAs in the U.S.," Cavaness said.
"Pronto provides us a terrific opportunity to significantly expand into the rapidly growing Hispanic market," added J. Patrick Gallagher.
