On April 10, Arthur J. Gallagher & Co. announced that it has priced an offering of 19 million shares of its common stock at a price of $43.25 and granted the underwriters in the offering a 30-day option to purchase up to an additional 2.85 million shares of its common stock at the same price. Morgan Stanley & Co. LLC is acting as lead book-running manager for the offering, and BofA Merrill Lynch is acting as joint book-running manager for the offering.
Preview April installment of Gallagher’s Pitfalls & Perils of 2014, focused on PPACA and the new rules and requirements that have created a storm of obligations for employer-provided health coverage.
On April 7, Arthur J. Gallagher & Co. announced an underwritten public offering of 19 million shares of its common stock. Morgan Stanley & Co. LLC is acting as lead book-running manager for the offering, and BofA Merrill Lynch is acting as joint book-running manager for the offering. BMO Capital Markets, Dowling & Partners Securities, LLC, Janney Montgomery Scott, Keefe, Bruyette & Woods, A Stifel Company, Raymond James, Piper Jaffray, Sterne Agee, and Stephens Inc. are acting as co-managers for the offering. Gallagher intends to use the net proceeds of the offering to fund a portion of its previously announced acquisition of the Wesfarmers insurance brokerage operations. Gallagher also intends to grant the underwriters a 30-day option to purchase an additional 2.85 million shares of common stock from Gallagher.
On April 6, Arthur J. Gallagher & Co. announced that it has signed an agreement to acquire the Wesfarmers Insurance Brokerage operations. The transaction, which includes the OAMPS businesses in Australia and the United Kingdom, Crombie Lockwood in New Zealand and the associated premium funding operations, is subject to regulatory approval and is expected to close during the second or third quarter of 2014.
On April 4, Arthur J. Gallagher & Co. today announced the acquisition of Mike Henry Insurance Brokers Limited (MHIB) headquartered in Auckland, New Zealand. MHIB has annualized revenues of approximately $4.5 million and 30 staff operating from its offices in Auckland and Christchurch. Terms of the transaction were not disclosed.
Severe weather warnings have been issued for parts of the Midwest - and is anticipated to gain momentum as it pushes eastward over the next several days. On Wednesday, April 2, the storms produced golf-ball size hail and resulting damage to areas of Missouri and Kansas. Any of these natural elements could produce similar outcomes in the coming days.
A powerful magnitude 8.2 earthquake struck Chile’s northern coast on Tuesday, April 1 at 8:46 p.m. CLST - local time. The quake struck 61 miles northwest of Iquique, a region that has been rocked by numerous quakes over the past two weeks. A tsunami warning also remains in effect for areas within the northern Chile region.
On April 1, Arthur J. Gallagher & Co. announced that it has acquired the Oval Group of Companies ("Oval"), an independent commercial insurance broker with over £80 million in annualized revenue operating out of 24 offices throughout the United Kingdom. The transaction closed today.
On March 24, Arthur J. Gallagher & Co. announced that it has acquired Spataro Insurance Agency, Inc. located in Burnt Hills, New York. Terms of the transaction were not disclosed.
Federal Reserve Chairwoman Janet Yellen’s press conference debut left equity markets rattled and wary about the expected timing for projected increases in short-term rates. A decision on when to raise rates was further complicated when the Fed announced it had reduced the importance of the unemployment rate. In confronting the need to further scale back and normalize the bond market while fueling the continued economic recovery, the Fed faces several challenges. Now is the time for investors to analyze the risk of their fixed income portfolios.