LWR's MGA Insurance Group sold

LAKEWOOD RANCH — Arthur J. Gallagher & Co. announced it has acquired MGA Insurance Group of Lakewood Ranch.

Terms of the deal were not disclosed.

Started in 1984, MGA Insurance Group provides health insurance benefits consulting and offers other business and personal insurance lines. Earlier this year, the company announced plans to launch a private health care insurance exchange.

Lou Marinaccio and his employees will continue to operate from the company's 32,000-square-foot Lakewood Ranch location, now under the direction of Kevin Garvin, head of Gallagher's North American affinity operations.

“We continue to look for new partners that will add to our specialty products and services capabilities, expand our geographic presence and fit well within our culture and MGA has all of these qualities,” J. Patrick Gallagher Jr., chairman, president and CEO, says in a press release. “They are well-known for their personalized service and share the same entrepreneurial spirit and team-based sales culture as Gallagher.”

Itasca, Ill.-based Arthur J. Gallagher & Co. is an international insurance brokerage and risk management services firm. It has operations in 27 countries and offers client service capabilities in more than 140 countries.

For more on Marinaccio, MGA Insurance Group and its business model read a Business Observer story here.