Conshohocken Insurance Company Acquired by Illinois-Based Global Insurance Brokerage

Arthur J. Gallagher & Co. today announced the acquisition of Conshohocken-based Preston-Patterson Co., Inc. Terms of the transaction were not disclosed.

Founded in 1947, Preston-Patterson is a retail property/casualty insurance broker offering a broad range of coverages and services to broadcasters and media clients throughout the United States. They also serve other commercial clients, as well as personal lines clients with a particular focus on coastal property exposures along the Atlantic Seaboard. Stephen, John and Stuart Patterson, and their associates, will initially remain in their current locations in Conshohocken (1000 Fayette street) and in Barnegat Light, New Jersey, under the direction of Dan Tropp, head of Gallagher’s Mid-Atlantic retail property/casualty brokerage operations.

“Preston-Patterson is a well-established, family run business with deep expertise in serving broadcasters and media, which will further expand Gallagher’s existing capabilities in that area,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “I am delighted to welcome them to Gallagher.”

Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.