Arthur J. Gallagher & Co. on Wednesday said it has acquired Cary, North Carolina-based managing general agent Patent Insurance Underwriting Services Ltd. LLC and its subsidiary Newlight Capital LLC.
Terms of the transaction were not disclosed.
Founded in 2016, PIUS offers proprietary coverage that allows clients to insure certain intangible assets, Gallagher said in a statement.
Joe Agiato, founder, CEO and CEO of PIUS, and his associates will remain in their current locations under the leadership of Patrick Kennedy, head of Gallagher’s Northeast region retail/casualty brokerage operations, the statement said.
Emerging companies can have significant intangible assets, J. Patrick Gallagher Jr., chairman, president and CEO, said in the statement.
Rolling Meadows, Ill.-based Arthur J. Gallagher is the fourth-largest broker of U.S. companies, according to the latest Business insurance ranking.