Insurance firm Gallagher to buy Woodruff Sawyer for $1.2B

Global insurance brokerage firm Arthur J. Gallagher & Co., based in Rolling Meadows, acquired San Francisco-based Woodruff Sawyer for $1.2 billion, the companies announced on Tuesday.“Woodruff Sawyer has an outstanding reputation in our industry, and we have long admired their niche expertise and client-focused culture. Our complementary strengths will enhance the value we deliver to our clients and significantly expand our capabilities,” J. Patrick Gallagher, Jr., chairman and CEO of Gallagher, said in a news release.Woodruff Sawyer will add commercial property/casualty products and risk management services to Gallagher’s offerings. It also has expertise in management liability, construction and real estate.Woodruff Sawyer’s revenues in 2024 were about $265 million. Its 600 employees will join Gallagher when the acquisition is complete. No layoffs are expected, according to a Gallagher spokesperson. The deal is pending regulatory approval and is expected to close in the second quarter of 2025.Gallagher, listed on the New York Stock Exchange, has more than 3,100 employees in the Chicago area and a total global workforce of nearly 56,000. It provides services in more than 130 countries.Gallagher, which also offers risk management and consulting services, was founded in Chicago by Arthur J. Gallagher in 1927.Its purchase of Woodruff Sawyer is the latest in a string of recent acquisitions. In December, the company announced the acquisition of Orlando-based insurance broker AssuredPartners for $13.45 billion.