US insurance brokerage Arthur J. Gallagher (Gallagher) has agreed to acquire domestic peer Woodruff Sawyer for $1.2bn. Woodruff Sawyer offers commercial property and casualty (P&C) products, employee benefits solutions and risk management services.

AJ Gallagher has signed a definitive agreement to acquire Woodruff Sawyer for a consideration of $1.2bn. This publication reported in November that Woodruff Sawyer was exploring a sale of the business, which would see the employee-owned intermediary change hands for the first time in its 100+ year history.

Arthur J. Gallagher said on Tuesday it would acquire rival Woodruff Sawyer in a $1.2 billion deal, marking the insurance broker's latest move to expand its business. The deal will bolster Gallagher's management liability,