SGB-NIA Insurance Brokers in Woodland Hills has been acquired by Arthur J. Gallagher & Co., a publicly traded company that is the Valley’s leading brokerage.
SGB, founded in 1964, provides property/casualty, risk management and employee benefits insurance products and consulting services, specializing in the manufacturing, metals, hardware and commercial real estate industries.
Financial terms of the deal were not disclosed.
SGB Chief Executive James Scanlon is remaining with the company, which will continue to operate SGB’s Woodland Hills and Camarillo locations. James McFarlane, head of Gallagher's Western Region retail property/casualty brokerage operations, will oversee the combined operations.
Scanlon wrote to clients in a memo on Tuesday that insurance policies will remain unchanged.
“This merger enhances our ability to provide innovative insurance products and services to our clients while continuing our commitment to our own core values of providing excellent customer service,” Scanlon wrote.
SGB ranked No. 8 on the Business Journal’s list of insurance brokerage firms ranked by 2013 premiums, with nearly $126 million. The company reported it had 13 agents at the time.
Arthur Gallagher in Itasca, Ill. is one of the world’s largest brokerages, with operations in 30 countries, in addition to client service capabilities in more than 140 countries. It ranked No. 1 on the Business Journal’s list, with about $1.6 billion in premiums at its locations in Woodland Hills and Glendale.
“SGB-NIA is highly regarded for its professional standards, solid market relationships and focus on quality customer service and satisfaction,” said Gallagher Chairman and Chief Executive J. Patrick Gallagher Jr., in a statement. “Their niche specialization, strong western presence and client-based culture will be an excellent addition to our West Coast operations.”