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Arthur J. Gallagher & Co. to Acquire Cadence Insurance.

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Vincent

MANews-(C)2009-2023

Illinois, US-based insurance brokerage Arthur J. Gallagher & Co. has agreed to acquire Louisiana-based property and benefits company Cadence Insurance, Inc., a subsidiary of Cadence Bank (NYSE: CADE), the company said.

Under the agreement, Gallagher will acquire the stock of Cadence Insurance for USD749 m, which is net of Gallagher's discounted tax benefit associated with the transaction of approximately USD 155m.

Integration costs and expected non-cash management retention costs are expected to total USD 70m over the next 3 years.

Cadence Insurance offers a full suite of commercial property/casualty, employee benefits and personal lines products to clients from 34 offices spanning 9 different states across the Southeast, including Texas.

The acquisition is expected to expand Gallagher's property/casualty and employee...

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