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UPDATE 1-AJ Gallagher buys managed care unit of GAB Robins
September 29, 2010 / 9:18 PM / in 7 years

UPDATE 1-AJ Gallagher buys managed care unit of GAB Robins

* Says deal will generate $45-$50 mln in annual rev

* Says deal to close in Oct.

Sept 29 (Reuters) - U.S. insurance broker Arthur J. Gallagher & Co (AJG.N) said its unit will buy the third-party administrator and managed care businesses of GAB Robins North America.

The company expects the transaction to generate about $45-$50 million annually in revenue, the company said.

It, however, did not disclose the financial terms of the deal, which is expected to close in October.

The deal does not include GAB’s property or casualty loss adjusting operations, the company added.

Shares of Itasca, Illinois-based Arthur J. Gallagher closed at $26.28 Wednesday on the New York Stock Exchange. They have risen about 4 percent in less than a month. (Reporting by Divya Sharma in Bangalore; Editing by Anil D‘Silva) ((divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@reuters.net))

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