Merit Insurance has been acquired by Arthur J. Gallagher and Co.
The insurance brokerage firm out of Rolling Meadows, Ill., announced Monday, March 11, that it completed its buyout of the Shelton-based company for an undisclosed amount, expanding its holdings in Connecticut.
“Merit Insurance is a highly regarded, socially responsible firm that enhances our presence in Fairfield County and brings us complementary strengths in a number of areas,” said J. Patrick Gallagher Jr., chairman, president and CEO, in a press release.
AJG is a global insurance brokerage, risk management and consulting services firm with operations in 35 countries. The company already has offices in Fairfield, Greenwich, East Hartford, Glastonbury, Norwalk, Ridgefield and Westport.
The company has been busy in the past year, according to an AJG spokesperson who said the company completed 48 acquisitions in 2018.
Last week, for instance, AJG signed an agreement to buy out the global aerospace retail and wholesale insurance broking division at Jardine Llyod Thompson Group.
“We grow organically, but we also grow through acquisitions, and that is an important part of our growth strategy,” said Linda Collins, vice president of corporate communications.
Merit Insurance has been around since 1950, operating out of its headquarters at 1 Enterprise Drive in Shelton. It also has an office in downtown Bridgeport.
The firm provides commercial and personal property coverage —among others — to a mix of clientele, including contractors, developers and nonprofits.
Merit Insurance’s president, Sean Carroll, and vice president James Benson are expected to maintain operation from their Bridgeport and Shelton locations. They will be answering to Patrick Kennedy, head of Gallagher’s Northeast region retail property/casualty brokerage operations, and Tom Belmont Jr., head of Gallagher’s Northeast Atlantic employee benefits consulting and brokerage operations.