Arthur J. Gallagher acquires ProSource Financial

ITASCA, Ill. -- Arthur J. Gallagher & Co. said Wednesday it bought smaller competitor ProSource Financial LLC, the latest in a string of acquisitions for the insurance brokerage.

Gallagher did not say how much it paid for ProSource.

Gallagher said ProSource is an insurance broker that offers group employee benefit products and consulting services to companies based in the Midwest. It specializes in selling group medical, disability, dental, and voluntary insurance to the food service, education, and business service industries. ProSource was founded in 1986 and based in Westchester, Ill.

Gallagher, which is based in Itasca, Ill., said on Tuesday that it bought Louisiana insurance and human resources company Detlefs Johnson & Partners.

Shares of Arthur J. Gallagher dipped 6 cents to $35.14 in late afternoon trading.