Arthur J. Gallagher & Co. Acquires AVRECO

ITASCA, Ill., Jan. 3 /PRNewswire-FirstCall/ -- Arthur J. Gallagher & Co. announced the acquisition of AVRECO based in Chicago, Illinois from The Park Group, Inc. The transaction was effective December 31, 2007 and terms were not disclosed.

Founded in 1962, AVRECO is a managing general agent and wholesale insurance broker providing insurance products for independent insurance agents and brokers throughout the United States. They specialize in niche markets, including medical malpractice and professional liability, non-profit and for-profit D&O, employment-related practices, property for both large accounts and packages, general casualty and excess liability. William Yurek and his associates will continue to operate from their current locations in Chicago and San Diego, California under the direction of Joel Cavaness, President of Risk Placement Services, Inc., a subsidiary of Arthur J. Gallagher & Co.

"With almost 50 years of industry experience, client-dedicated staff and solid niche market base, AVRECO will be a great addition to our wholesale team," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "Their success comes from their team-based approach to service; their extensive and unique brokering capabilities; and their specialization strategy. We are extremely pleased to welcome Bill and his associates to our growing Risk Placement Services' family of professionals.

Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in seven countries and does business in more than 100 countries around the world through a network of correspondent brokers and consultants. Gallagher is traded on the New York Stock Exchange under the symbol AJG.