Arthur J. Gallagher buys Schiff Kreidler-Shell

ITASCA, Ill. -- Arthur J. Gallahger & Co. said Wednesday it bought Schiff, Kreidler-Shell Insurance and Risk Services, the latest in a string of acquisitions for the insurance brokerage.

Terms were not disclosed.

Privately held Schiff, Kreidler-Shell is a retail insurance broker based in Cincinnati with operations going back to 1876. It will continue to operate from its Cincinnati and Edgewood, Ky., locations.

Arthur J. Gallagher has expanded around the globe this year, buying insurance companies in London and Singapore, for example, along with agencies and related operations in several states. The company has insurance and risk management operations in 17 countries.

Shares fell 30 cents to $37.43 in afternoon trading.